GFG Alliance said on 23 June it has penned a standstill agreement with Credit Suisse on the Australian unit that includes its Whyalla steelworks to complete a refinancing of that business following the collapse of Greensill Capital.

The six-week standstill between GFG and Credit Suisse Asset Management will enable GFG to complete a full refinancing of the unit, Liberty Primary Metals Australia, which also includes mining assets, according to an emailed statement from GFG.