Source: Scrap Monster
Liberty Steel, part of GFG Alliance, announced that it has completed the acquisition of key European steel assets from ArcelorMittal. The acquisition covers seven major steelworks and five steel service centres spread across seven European countries. The deal was worth $835 million.
According to company press release, the seven acquired sites together employ over 14,000 people and accounts for a combined rolling capacity of more than 10 million metric tons per annum. The sites include ArcelorMittal Ostrava in Czech Republic, ArcelorMittal Galati in Romania, ArcelorMittal Skopje in North Macedonia, ArcelorMittal Piombino in Italy, ArcelorMittal Dudelange in Luxembourg and several finishing lines at ArcelorMittal Liege in Belgium. The five service centres are based in France and Italy.
Sanjeev Gupta, GFG executive chairman noted that the acquisition is an exciting and important milestone in GFG’s journey. He welcomed the skilled and committed staff of the acquired facilities to its fold and hoped that the new association will lead to bright and sustainable future for not only the Liberty Hose Group, but also for the entire steel industry.
Liberty Steel aims to boost steel sales from the acquired sites by around 50% over the next three years.