GFG Alliance to resume Belgian steel ops as court reverses administration order

GFG Alliance Ltd.'s Liberty Steel Group will restart its steel operations in Liege, Belgium, following a court's reversal of an earlier order to place the assets under administration, Reuters reported May 19.

"We're very pleased that our appeal has succeeded and ... we are now looking forward to restarting production as soon as possible," Liberty Steel official Toker Ozcan said, as quoted by the news wire.

A Belgian commercial court had ruled in April that administrators should be appointed to the Liege operations because of negative equity.

The U.K.'s Financial Reporting Council earlier launched investigations into audits by accounting firm King & King on the financial statements of four companies under ownership of the GFG Alliance conglomerate.

GFG Alliance has been working to refinance debt and restructure its steel businesses.

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