Dubai PR Network, Online Press Release from Dubai and Middle East
 
Infrastracture, Construction & Manufacturing(Real Estate & Retail)
Filter PR by
  
EU Approves Liberty Bid for Arcelormittal European Steel Assets
 

 Liberty Announces Intention to Integrate Several Businesses Into New Global Steel Giant 

Dubai, UAE, April 18, 2019:  Following EU approval today for Liberty to acquire seven major European steel plants from ArcelorMittal, the GFG Alliance has announced its intention to integrate most of its Liberty steel, engineering and mining businesses into a single global entity, spanning assets across the UK, Europe and Australia. 

The consolidated business will include all of the UK steel and engineering assets, the integrated Australian Liberty primary steelworks in Whyalla, a number of high-quality Australian iron ore and metallurgical coal mines,  and, once completed, the seven European steel plants being acquired from ArcelorMittal. This merged new group would exclude GFG’s recycling and building products businesses in Australia and the USA. 

Currently these businesses exist separately within the GFG Alliance but, with a steelmaking target of 20 Mtpa, the planned merger and integration  will catapult Liberty into the world’s top 10 steel producers outside China, creating multiple competitive advantages. 

Today’s announcements mark a significant step in Liberty’s evolution. Executive Chairman of the GFG Alliance, Sanjeev Gupta, said: “We are delighted that the EU has validated Liberty as a suitable buyer for these European steel assets. This will make us the third largest steel producer in Europe. We are an ambitious and aspirational group and we keep breaking boundaries. The bringing together of our international integrated steel assets is part of our deliberate, strategic and sustainable expansion. 

“We look forward to leveraging Liberty steel and mining’s integrated supply chain to create further value. The business will combine Liberty’s integrated steelworks in Whyalla and its ambitious Australian iron ore and coking coal mining businesses, with Liberty House Group assets in the UK and the planned acquisition of the ArcelorMittal European manufacturing facilities. 

“This combination will form a global champion, with fully integrated capabilities, shipping iron ore and coking coal and semi-finished product from Australia to its manufacturing plants and mills globally with the target of becoming one of the largest and most competitive fully integrated steel and mining producers in the world, from raw materials to high value finished goods.”

Liberty’s global manufacturing capacity includes a strong position in the UK as a steel producer and an engineering components supplier to the automotive, aviation, defence and renewable energy sectors. Liberty Primary Steel in Australia is a leading producer of rail and structural steel for the growing infrastructure and building industries. In December 2018, the business announced visionary plans to build a state-of-the-art Next Gen manufacturing facility in South Australia with capacity of over 10 Mtpa. In addition, the proposed European acquisition from ArcelorMittal will boost Liberty’s production capacity across a full range of flat and long products, setting the Liberty steel and mining group up for rapid growth. 

As part of the strategic alignment of the international assets, and in order to optimise its significant power purchase, GFG Alliance has completed the first phase in rearranging its energy procurement strategy and associated funding. Accordingly, GFG Alliance has procured the refinancing of approximately one third of its long-term power purchase obligations in the UK and will arrange refinancing of the remainder in or before the third quarter of the calendar year.


Posted by : Dubai PR Network Editorial Team
Viewed 8735 times
PR Category : Real Estate & Retail
Posted on : Thursday, April 18, 2019  11:52:00 AM 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 : Sharjah Chamber to Organize “Rwanda Investment Showcase” For...
Next Story : Dubai Municipality completes second phase of Jebel Ali Sewag...
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
Eid Gifts From The Body Shop [9278-Views]
Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of... [4297-Views]
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across... [3657-Views]
Dubai Customs and Omani Counterpart Discuss Post-Covid19 Era [3079-Views]
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair [2493-Views]
Union Coop Al Barsha – 3 Commercial Center 40% Complete [2394-Views]
The Best Omega Sunglasses For a Long-Awaited Summer [2271-Views]
Trina Solar Publishes Its Vertex Module Technology White Paper, Unveiling a Brand New Tech... [2251-Views]
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup [2214-Views]
Foreo Reveals 5 Ways to De-Stress Your Skin [2177-Views]
Innovating to Fight COVID-19: Four Ways Drones are Contributing [1968-Views]
Special Edition Jaguar XE, XF & Range Rover Vogue Vehicles Arrive in UAE [1923-Views]
SALAMA Announces AED 13.65 Million Profit for Q1 2020 [1906-Views]
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel [1886-Views]
Celebrate EID with Special Offers on HONOR Smartphones [1882-Views]
DFDC, FDF Hold Joint Webinar on Managing Stress and Anxiety Amid COVID-19 [1820-Views]
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfeld” Game. [1796-Views]
SITA Steps Up Development of a Self-sovereign Identity for Air Travel [1775-Views]
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during COVID-19 w... [1767-Views]
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR [1722-Views]
Airline Debt to Balloon by 28% [1710-Views]
Emirates Post Unveils Modern New Website and Look [1689-Views]
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes [1660-Views]
Sony Middle East and Africa and Gearbox team up to offer rental services of latest digital... [1615-Views]
du Keeps Loved Ones and Families Connected During Eid Al Fitr With World Calling Pack [1615-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories