Dubai PR Network, Online Press Release from Dubai and Middle East
 
Infrastracture, Construction & Manufacturing(Real Estate & Retail)
Filter PR by
  
Liberty Steel agrees deal with ArcelorMittal to acquire further three European steel plants
 

Dubai, UAE, November 03, 2018:  British-owned Liberty Steel, part of Sanjeev Gupta’s global GFG Alliance, is set for another major expansion of its steel production capacity in continental Europe following a conditional agreement announced on Friday to acquire two Belgian steel mills and one in Luxembourg from ArcelorMittal.

The group has struck a conditional agreement to buy the Flemalle and Tilleur sites which employ a total of around 700 people near Liege, Belgium and the circa 300-people Dudelange, Luxembourg facility. The three mills, serving the construction, industrial and automotive markets, 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. 

The announcement closely follows the statement last month (12th October) that Liberty Steel had reached conditional agreement with ArcelorMittal to 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.

Both deals are subject to approval by the European Commission and other local processes including the conclusion of information consultations with local and European Works Councils.

In common with the plants in eastern Europe and Italy, the sites at Liege and Dudelange are profitable assets that will further consolidate Liberty’s growing presence in continental Europe, which already includes the Liberty Wheels France plant at Chateauroux and, following the imminently anticipated completion of its acquisition from Rio Tinto, will also include Europe’s largest aluminium smelter at Dunkerque. Liberty is committed to retaining the jobs across the Liege and Dudelange sites.

Referring to the plants in Belgium and Luxembourg, executive chairman of the GFG Alliance Sanjeev Gupta said: “These are high quality, landmark assets with  skilled and experienced workforces that we are looking forward to welcoming into the worldwide GFG fold. Our aim will be to develop close working relationships with respective governments, trade unions and other local stakeholders in Belgium and Luxembourg to optimise and improve the value of these historic assets that are important for the regional and national economies.”

GFG Alliance’s Chief Investment Officer Jay Hambro added: “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. We’re delighted to be adding these plants to our fleet and to extend our innovative business model based on skill retention, vertical integration and sustainable production to these excellent sites.”   

The three sites constitute the second part of a total package of site sales ArcelorMittal agreed with EU competition regulators to clear the way for it to purchase Italian steel giant, Ilva, Europe’s largest producer of flat carbon steel.  Liberty has worked closely with ArcelorMittal to prepare a transaction that satisfies the demands of the EU Commission and creates a secure future for these businesses within the GFG Alliance.


Posted by : Dubai PR Network Editorial Team
Viewed 3605 times
PR Category : Real Estate & Retail
Posted on : Saturday, November 3, 2018  2:26:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Emirates Steel signs new long-term iron ore pellet supply de...
Next Story : Sultaco Brings Europe's Leading Surfacing Solutions to the U...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Purely Pandora Classics With a Twist [27456-Views]
Tryano Launches Elemis [22796-Views]
Festive Gifting Guide [22735-Views]
New 1948 Seamaster Watches Join the Ranks [22326-Views]
Add a festive sparkle to your eyes with Palladio Beauty [22155-Views]
The Geo-Graham Orrery Tourbillon presents a galaxy you can reach out and wear Geo-Graham O... [21496-Views]
Amp up your skincare routine with The Organic Pharmacy's new corrective serums [20612-Views]
Parmigiani Fleurier, new Friends of the Brand – ice-hockey superstar, Evgeniy Malkin and T... [18343-Views]
Hour Choice presents Coach Park Collection [17416-Views]
Certina DS PH200M collection [16488-Views]
Joyalukkas brings joy to hundreds around the world with gold bar giveaway this festive sea... [15964-Views]
Tissot T-Race Marc Marquez [15158-Views]
LACOSTE presents its new Legacy collection [13902-Views]
Oh So Heavenly! Bath Sets from Glambeaute.com that make a great gift this festive season [11968-Views]
Souq.com's Biggest Ever White Friday Sale [7344-Views]
Introducing Nokia 3.1 Plus to the UAE [6350-Views]
Introducing the GUESS Holiday 2018 Collection [6289-Views]
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz honored Huawei with the Fi... [5966-Views]
Zoho launches its cloud accounting software in Bahrain [5929-Views]
The Ultimate Festive Guide For Little Ones [5752-Views]
Puma Launches RS-X Toys [5716-Views]
Kors Dubai: Michael Kors Celebrates A New Middle East Flagship Store and Special-edition ... [5258-Views]
Department of Culture and Tourism – Abu Dhabi Organises ‘Herfaty' Programme in Al Ain Pala... [5209-Views]
Puma Drops Cali in New Colorway [5203-Views]
Jameel Arts Centre, Dubai opens with an ambitious set of exhibitions and programmes featur... [5185-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories