Posted on 21 Aug 2020
The UK-based Liberty Steel announced that it plans to undertake more acquisitions in India. This is based on its assumptions that the country’s economy is likely to witness huge growth, as it comes out of the impacts on account of protracted lockdowns caused by Covid-19 pandemic.
It must be noted that the company had acquired the assets of Adhunik Metaliks (AML) for a sum of INR 500 crore during the month of March this year. In addition, it had also acquired Zion Steels, which produces TMT bars for AML.
The company announced that it plans to double the capacity of the AML Odisha steel plant to approximately 1 million tonne. The plant is expected to start production in September, following five long years of shutdown. Liberty Steel has been carrying out capital repairs at the plant even during the lockdown period, making it ready for an early start up.
The company’s strategy focuses on identifying opportunities and driving positive change in the industry by modernizing the sites to make it energy-efficient and more productive, said V Ashok, Global CFO at GFG Alliance.
Meantime, Liberty Steel has reportedly decided to take over two strategic steel plants in northern France. The Hayange mill in Moselle and Ascoval plant in Saint-Saulve will be now added to its fold. The French had refused sale of these assets to the Chinese Jingye Group.
Source:Scrap Monster
