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LONDON: PIO billionaire Sanjeev Gupta's London-headquartered Liberty House is set to purchase four European steel plants from the Luxembourg-headquartered Arcelor-Mittal.
Liberty House announced on Friday that it had made a conditional agreement to buy ArcelorMittal's major integrated works at Galati in Romania and Ostrava in the Czech Republic, along with rolling mills at Skopje in Macedonia and Piombino in Italy.
These profitable assets have been put up for sale by the world's largest steel producer - helmed by PIO billionaire Lakshmi Mittal - as part of a divestment package it has agreed to with EU competition regulators during merger control investigation into Arcelor-Mittal's purchase of Italian steelmaker Ilva, which is Europe's largest producer of flat carbon steel.
The Liberty House deal, which is subject to approval by the European Commission and to the completion of the Ilva deal, will almost double the Gupta-led $15-billion GFG Alliance's 14,000-strong workforce - of which Liberty is a part - by adding 12,500 employees. It will also more than double Liberty's global metal manufacturing capability, taking its total rolling capacity to more than 15 million tonnes a year. The European plants will boost Liberty's capacity across flat and long metals, giving it the ability to supply a full range of finished metals and pave the way to develop further its primary and sustainable production models.
Liberty said it will continue investment in the profitable assets and will achieve greater competitiveness through low-carbon production and closer integration with added-value downstream manufacturing.
Liberty House announced on Friday that it had made a conditional agreement to buy ArcelorMittal's major integrated works at Galati in Romania and Ostrava in the Czech Republic, along with rolling mills at Skopje in Macedonia and Piombino in Italy.
These profitable assets have been put up for sale by the world's largest steel producer - helmed by PIO billionaire Lakshmi Mittal - as part of a divestment package it has agreed to with EU competition regulators during merger control investigation into Arcelor-Mittal's purchase of Italian steelmaker Ilva, which is Europe's largest producer of flat carbon steel.
The Liberty House deal, which is subject to approval by the European Commission and to the completion of the Ilva deal, will almost double the Gupta-led $15-billion GFG Alliance's 14,000-strong workforce - of which Liberty is a part - by adding 12,500 employees. It will also more than double Liberty's global metal manufacturing capability, taking its total rolling capacity to more than 15 million tonnes a year. The European plants will boost Liberty's capacity across flat and long metals, giving it the ability to supply a full range of finished metals and pave the way to develop further its primary and sustainable production models.
Liberty said it will continue investment in the profitable assets and will achieve greater competitiveness through low-carbon production and closer integration with added-value downstream manufacturing.
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