Georgetown, September 1, 2025
News Summary
Liberty Steel is embroiled in a legal battle with Linde Inc. over allegations of breach of contract, amounting to over $10 million. The Georgetown steel mill halted operations last year and is being demolished to make way for a redevelopment project. Linde claims Liberty Steel failed to meet financial obligations for a 10-year contract beginning in 2019. With significant debts owed to both Linde and Santee Cooper, the future of the property and its sale, expected in 2025, hangs in the balance amid legal concerns.
Georgetown – Liberty Steel is facing a lawsuit filed by Linde Inc. for over $10 million due to accusations of breach of contract. The steel mill, located near Front and Fraser streets in downtown Georgetown, ceased operations last year and is slated for demolition, as plans for its redevelopment into a mixed-use project with affordable housing and public amenities are underway. The property sale, crucial for the mill’s owner, is expected to close by the end of summer 2025.
The lawsuit from Linde alleges that Liberty Steel stopped fulfilling its financial obligations under a 10-year contract that began in 2019. Liberty Steel, which was once a significant employer in Georgetown since its inception in the late 1960s, has not made payments for products and service fees as stipulated in the agreement. Linde claims Liberty also halted gas deliveries, failing to pay the related facility fees.
This situation escalated when Linde’s motion for pre-judgment attachment was filed to secure the expected proceeds from the upcoming property sale as compensation for the debts owed. A statement from Linde’s regional vice-president revealed that the Georgetown steel mill is Liberty’s only asset in South Carolina. Legal representatives have expressed concerns that if the sale proceeds are transferred out of state, they cannot be utilized to settle the outstanding debts owed to Linde.
Additionally, Liberty Steel has accrued debts exceeding $7 million to Santee Cooper, having missed payments last November and December. In response, Santee Cooper has terminated its five-year contract with Liberty and is pursuing enforcement of provisions that would require payment of minimum monthly bills that would have been applicable during the breach period.
The steel mill’s planned demolition comes amid efforts to revitalize the Georgetown area. The prospective developer has plans for a project that aims to combine affordable housing, parks, entertainment spaces, and waterfront accessibility. This project is a significant aspect of Georgetown’s economic development strategy, designed to improve the downtown region. The renewal endeavors have garnered community interest, especially considering the mill’s historical significance as a pillar of employment in the area.
As the due diligence phase of the property sale proceeds, stakeholders await the resolution of Liberty Steel’s financial challenges, which will determine if the expected funds can settle the debts that have emerged from unpaid contracts and service agreements. The situation remains critical for the former steel mill as it navigates the complexities of its impending sale and the legal implications surrounding its financial liabilities.
FAQ
What is Liberty Steel being sued for?
Liberty Steel is being sued by Linde Inc. for over $10 million due to breach of contract, stemming from non-payment for products and service fees.
What are the plans for the Liberty Steel property?
The property is expected to be sold to an unidentified developer who plans to create a mixed-use project that includes affordable housing, parks, and entertainment spaces.
When is the property sale expected to close?
The property sale is anticipated to close by the end of summer 2025, after completing the due diligence phase.
How much does Liberty Steel owe to Santee Cooper?
Liberty Steel owes over $7 million to Santee Cooper and has missed payment obligations leading to a termination of their contract.
Key Features of the Situation
| Feature | Details |
|---|---|
| Location | Downtown Georgetown, South Carolina |
| Amount of Debt | Over $10 million (Linde Inc.) and over $7 million (Santee Cooper) |
| Key Legal Issue | Breach of contract due to non-payment |
| Sale Plans | Mixed-use project including affordable housing, parks, and entertainment spaces |
| Expected Sale Closure | End of summer 2025 |
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Community Impact: Georgetown Real Estate
- Wikipedia: Georgetown, Texas
- The Georgetowner: August Real Estate Sales
- Google Search: Georgetown Real Estate News
- The Post and Courier: Liberty Steel Sale
- Google Scholar: Liberty Steel Georgetown
- Houston Agent Magazine: Expensive Homes Sale
- Encyclopedia Britannica: Real Estate Sales
- Urban Turf: Georgetown’s Priciest Home
- Google News: Luxury Home Sales 2025
Author: STAFF HERE GEORGETOWN
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