Liberty House to acquire three more European steel plants from ArcelorMittal

Liberty House Group, a UK-based company owned by India-born British businessman Sanjeev Gupta, has signed an agreement to acquire three more steel plants in Europe from global steel giant ArcelorMittal.

Under the agreement, Liberty House intends to buy the Flemalle and Tilleur sites near Liege, Belgium and the Dudelange, Luxembourg facility, according to an official statement.

This announcement comes close on the heels of the two companies signing an agreement last month wherein Liberty Steel  would acquire major integrated works at Galati in Romania and Ostrava in the Czech Republic, along with mills at Skopje in Macedonia and Piombino in Italy from ArcelorMittal.

All these assets are part of a divestment package that ArcelorMittal agreed with the European Commission (EU) related to its acquisition of Ilva SpA.

Both deals are subject to approval by the European Commission and other local processes.

The latest deal will provide Liberty House a boost in its manufacturing capabilities, as the three mills, which are profitable, have a  combined annual manufacturing capacity of 2.1m tonnes of cold rolled steel, 2m tonnes of galvanised steel, and 200 Ktons of tin plated steel.

Liberty House, part of Sanjeev Gupta’s global GFG Alliance, already has presence in continental Europe through the Liberty Wheels France plant at Chateauroux and, following the completion of its acquisition from Rio Tinto, will also include Europe’s largest aluminium smelter at Dunkerque.

“These plants are an important and logical addition to our expanding, integrated European supply chain. By entering these key markets and expanding our footprint, we’re embedding our European presence and bolstering our competitive position internationally,” said GFG Alliance’s Chief Investment Officer Jay Hambro.

Also Read:

GFG Alliance to revive aging steel plants, buy stressed assets with $5b chest

British tycoon Sanjeev Gupta has no plans to slow down acquisitions in 2018

The post Liberty House to acquire three more European steel plants from ArcelorMittal appeared first on DealStreetAsia.

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