End of Year Message from Executive Chairman Sanjeev Gupta, GFG Alliance

Our Executive Chairman Sanjeev Gupta, focuses on one value that has been particularly important to our journey in 2021: Change.

In a year like no other, our willingness to embrace this value has been tested. Whether it be the impact of the global pandemic on our industry, supply chains, and people; or the collapse of our main lender in March and the resulting funding squeeze.

In his message, Sanjeev reminds us that change is the only constant in life and the question is how we respond to it.

Many high-profile businesses and brands have been faced with adversity in their history and have successfully evolved to meet major challenges. We too have evolved this year at speed – a testament to our character to Change. The GFG family has pulled together to be adaptive, responsive, and resilient, proving that we can meet whatever challenges lie ahead.

There is a lot for us to be proud of this year. Our people – our family – have made exceptional efforts to manage unprecedented change. We have made great progress in the ten months since Greensill collapsed. Amongst many achievements, we have diversified our funding, improved our governance, strengthened our leadership, and transformed our asset base. We completed the first phase of our debt restructuring with the refinancing of our primary steel and mining assets in Australia. We’ve injected fresh capital into our steel business in the UK to restart operations and set a platform for debt restructuring.

We have achieved all of this and more without losing sight of our purpose to create a sustainable future.