GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Others

 
  Share

Deal catapults Liberty into top 10 steel producers globally excluding China

1 July 2019 - Dubai, UAE

Liberty Steel, part of Sanjeev Gupta's global GFG Alliance, today completed the acquisition of seven major steelworks and five service centres across seven European countries from ArcelorMittal. 

The €740 million deal makes Liberty Steel one of the top ten producers globally, excluding China, with a total rolling capacity in excess of 18 million tonnes covering a wide range of finished products.

This is the largest single transaction undertaken by GFG and brings the Alliance's worldwide workforce to nearly 30,000 across 30 counties. 

The seven sites, which today became part of Liberty, employ over 14,000 people and include the major integrated steel works at Ostrava in the Czech Republic and Galaţi in Romania as well as rolling mills at Skopje (North Macedonia), Piombino (Italy), Dudelange (Luxembourg) and two plants near Liege in Belgium.

The service centres are based in France and Italy.

These operations, with a combined rolling capacity of over ten million tonnes pa, supply steel to multiple sectors across Europe's industrial heartlands, including: construction and infrastructure products, automotive, aerospace, energy, industrial equipment, consumer products and yellow goods. Liberty Steel aims to boost sales from these sites by around 50% over the next three years.

Today's announcement triggers the start of a 100-day review during which Liberty Steel, working with local management, trade unions, customers and suppliers, will complete a comprehensive analysis of the businesses to explore investment opportunities and develop detailed plans to boost competitiveness,  extend product range and support sales growth. In the medium-term Liberty will explore opportunities to produce higher-quality steels with a more flexible production profile.

As part of a global coalition of industrial enterprises, these sites will join Liberty Steel and GFG's GREENSTEEL drive to create an economically and environmentally sustainable business, based on low-carbon production methods.

Sanjeev Gupta, GFG executive chairman, said: “This is an exciting and important milestone for GFG's journey. We are extremely proud to welcome thousands of skilled and committed staff into the GFG family. We look forward to working together to create a bright and sustainable future for our group and our industry.

These businesses will form a key part of our global steel strategy, of building a sustainable steel business, with a fully integrated value chain, from raw materials to high-value finished products that are distributed in high quality markets.” 

Jon Bolton, Liberty Steel's Global Business Development Director added: “These sites are well-positioned, efficient operations with competitive cost structures and we intend to build upon these strong foundations through a combination of judicious investments, changes to the production profile and synergies with our wider group.”

Liberty Steel was advised by Wyelands Capital, the financial services arm of the GFG Alliance, on the transaction with corporate finance advice provided by Jefferies International Ltd. 

 

 



Posted by : GoDubai Editorial Team
Viewed 6930 times
Posted on : Monday, July 1, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story :
Next Story :
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
AIGNER - Mother's Day
Why User Experience is Essential for Travel Business Growth?
Foreo Reveals Red Carpet Secrets for Fresh & Glowing Skin
Tissot T-Wave Bicolour Glamour always!
Hot SS20 New Launches From Rodial For Your Make-Up Kit
Foreo Set to Break the Beauty Stratosphere According to Experts
ASICS Spring / Summer 2020 Collection
COLOR WOW Launches EXTRA Mist-ical Shine Spray
Mother's Day Gift Guide 2020
Offering a Better Insight Than Stocks
St Valentine's Day'
Jaguar Land Rover on Tour Sheikh Hamdan's Falcons Dominate Hurr Category in Fakh...
6 Trends That Will Dominate Beauty in 2020 According to Foreo
Dina Akesbi joins Clio Beauty on the Professional Beauty GCC Mainstage on 18th Feb!
Race Day Edit
Costa Coffee Introduces 4u Healthy Food Range Across All UAE Stores in Partnersh...
Best Gifting Picks for Him & Her This Valentine's Day From Grand Optics!
V-Motif Western
Max Mara Valentines Special
Ortendahl Makes Team Abu Dhabi Debut in Kuwait as Al Mulla Launches Bid for Thi...
5 Ways To Bring Spring's Top Trends Into Your Wardrobe
HONOR Launches the Iconic Glass Designed HONOR 20 in the UAE
City of Gold Rewarded 200 Jewellery Shoppers With 4 Million Worth of Dubai City ...
Rado True Thinline Les CouleursTM Le Corbusier'
Corum Admiral's Cup Legend 47 Worldtimer'
Cisco Accelerates Applications in a Hybrid Multicloud World
Union Coop to Sponsor the FAZZA Championships for People of Determination 2020
Kim Clijsters To Begin Her Comeback at Dubai Duty Free Tennis Championships
AS World Group Global Roadshow Promotes Expo 2020 Dubai at 33rd African Union Su...
SPORTMAX 50th Anniversary Capsule Collection
Dairy Has the Nutritional Credentials to Meet Snacking Boom Driven by a Health &...
Italian Food Exports to the UAE Increases by 11%, Reports ITA Ahead of Italian P...
Dubai Customs Graduates 1st Batch of “Dubai Customs Leaders” Program
Japanese Driver Takuma Aoki Joins the Jaguar I-pace Etrophy Series With Team Yok...
Team Abu Dhabi Riders Grab Double Triumph On Dramatic Race Day in Kuwait
Aston Martin DBX Makes First Public Appearance in UAE
Arla Foods Introduces New Baby&me Organic Products to Saudi Arabian Market
Samsung's New Galaxy S20 Now Available for Pre-Order in the UAE
Made in Italy: Top Picks from the Latest Deborah Milano Make-Up Range
Marks & Spencer, Britain's Best Loved Denim
Korea's Number One Beauty Brand Innisfree All Set to Celebrate the Grand Opening...
Spring is in the Air at West Elm
Mother's Day Gifting - Steve Madden
Samsung Introduces Galaxy S10 Lite and Note10 Lite in the UAE
Now at IKEA Dubai you can buy with your time. IKEA's latest innovation converts ...
Building on the Success of Last 25 Years, Nikai Group Continues Its Growth by Co...
A Limited-time-only Hangout Space Has Launched at City Centre Sharjah
Yahsat Receives Commendation for Its Participation at National Science, Technol...
Parmigiano Reggiano Consortium Participates in Gulfood
Sharjah Crown Prince Inaugurates the 22nd National Career Exhibition at Expo Cen...