Liberty Steel is temporarily shutting down its wire rod plant in Peoria, Illinois, and has furloughed over 500 employees, according to local media reports.
A company spokesperson told the Peoria Journal-Star that the decision was driven by current steel market challenges, including an influx of low-priced imports. The Peoria mill will be idled starting December 6, with staff retained on furlough during this period. Liberty Steel plans to reopen the facility in early February as market conditions improve.
Originally operated by Keystone Consolidated Industries, the Peoria plant was acquired by Liberty Steel, a subsidiary of the GFG Alliance, in 2018 for USD 320 mln. Earlier this year, Liberty Steel also idled its wire rod plant in Georgetown, South Carolina.
The GFG Alliance, Liberty Steel’s parent company, has been facing financial difficulties since the collapse of its banking and supply chain financing partner, Greensill Capital, in 2021. Liberty Steel USA maintains an annual steel rolling capacity of over 1.5 mln tons.
