Liberty Steel has lost control over one of its assets in the UK following a court ruling in favor of ArcelorMittal. The decision was made due to Liberty Steel’s failure to pay a €140 million debt related to its acquisition of ArcelorMittal’s Eastern European assets in 2019. The London court’s ruling allows ArcelorMittal to impose administration on Liberty Steel’s Eastern European division, citing the company’s financial insolvency.
This development is part of a broader financial struggle for Liberty Steel, which has been facing significant challenges since the collapse of its main lender, Greensill, in 2021. The company is expected to appeal the decision in an effort to mitigate its impact on operations.
