GE financing $115 million steel company acquisition

On January 16, GE Commercial Finance Corporate Lending announced it provided a $115 million asset-based credit facility to support the acquisition of Winner Steel, Inc., by a joint venture between Novolipetsk Steel (NLMK) and Duferco Group. Winner is now operating as Sharon Coating LLC. GE Capital Markets arranged the financing.

Based in Sharon, Pennsylvania, Sharon Coating LLC is one of the largest galvanized steel producers in the United States.

“GE’s extensive knowledge of the steel industry allowed them to quickly understand our needs and move swiftly to fund the loan,” said Bob Miller, CFO of the joint venture’s US operations. “The financing provides our company with the financial flexibility and liquidity required to support our evolving business strategy.”

“Providing smart financing through an understanding of our clients and the industries in which they operate is our specialty,” said Greg Eck, metals and mining industry leader for GE Corporate Lending. “Whether the borrowing need is for acquisition finance, turnarounds or working capital, we are dedicated to finding the right solution to help companies execute their business plans.”

Industry Specialization

To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by dedicated research analysts. These industry experts work closely with GE Corporate Lending’s regional teams to build smarter financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Construction; Food, Beverage & Agribusiness; Financial & Business Services; Forest Products; General Manufacturing; Metals and Mining; Retail; Technology & Electronics; and Transportation.

About GE Corporate Lending

With $14 billion in assets, GE Commercial Finance Corporate Lending is one of North America’s largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, GE Corporate Lending specializes in serving the unique needs of borrowers seeking $20 million to $2 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com/clnews for more information.

About GE Commercial Finance

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $250 billion and is headquartered in Norwalk, Connecticut. GE is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.