The financing comes as the steelmaker has struggled to secure short-term financing since the collapse of its major lending partner, Greensill Capital, last spring. The £50 million (approximately US$68 million) cash investment will allow LIBERTY Steel UK to restart its Rotherham electric arc furnace operations this month.

The new funds will also bolster future investment plans for the Rotherham mill, which include boosting capacity to 2 million metric tons per year, increasing personnel and expanding the mill’s product line.

“The funding commitment we’re making at Rotherham will safeguard jobs, enable us to benefit from strong outlook for our core sectors and lay the platform to create a sustainable U.K. business that will generate skilled jobs in industrial communities,” commented GFG chairman Sanjeev Gupta.

Additionally, the cash infusion will be used to restart LIBERTY’s Stocksbridge specialty steel component plant in preparation for a future sale.

Read the full statement from GFG Alliance here.