White Oak Asset Finance has committed £90m to British Steel, a UK-based producer of carbon steel.

Proceeds of the financing will be used to provide working capital and to fuel capital investment projects. The deal was overseen through White Oak’s London base, with managing director Ian Corfield heading the transaction.

Andre Hakkak, White Oak chief executive officer, said: “British Steel is an iconic name in the UK industrial world, and we are thrilled to support them in this endeavour. 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, formerly the long products division of Tata Steel Europe, was launched by Greybull Capital in June 2016 to support a turnaround plan identified by the Company’s management team. Since then, the company has completed two fiscal years of its transformation plan.

Tom Otte, head of White Oak’s Europe division, said: “Our investment in British Steel speaks strongly to the Company’s turnaround over the past few years. We are very optimistic on the company’s continued growth, and fully expect our capital to finance its organic expansion. Looking more broadly, White Oak will continue to be a key player in providing liquidity to middle market companies where more traditional sources of financing are constrained.”

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.”

Founded in 2007, White Oak has over $7bn of capital invested in over 500 companies.

Earlier this month Secure Trust Bank Commercial Finance has provided a £35m finance facility to Barclay & Mathieson (B&M Steel), a national steel stockholder and supplier.