White Oak Asset Finance committed £90 million ($117.529 million) to British Steel. Proceeds from the financing will be used to provide working capital and fuel capital investment projects.

“British Steel is an iconic name in the UK industrial world, and we are thrilled to support them in this endeavor,” said White Oak CEO, Andre Hakkak. “Given our activity in the UK over the past several months, this partnership represents White Oak’s continued commitment and ambition for the UK and broader EU market.”

British Steel is a UK-based producer of carbon steel and was formerly the long products division of Tata Steel Europe. It was launched by Greybull Capital in June 2016 to support a turnaround plan identified by the company’s management team.

Roland Junk, British Steel executive chairman, said, “We’re delighted White Oak and our other investors are supporting the rapid transformation of our business. British Steel is embarking on a period of unprecedented investment and this partnership will enable us to further grow our business.”