Sunday, 24 September 2017

UK-based Liberty Group to buy ArcelorMittal’s US unit

It would also mark the first significant step in Liberty’s plan to make major investments in the US steel industry, the UK-based company said. “This is a landmark day for Georgetown and its residents, particularly families with a previous stake in the steel industry who will now get a chance to rediscover what was lost. Our agreement in principle with ArcelorMittal opens the door to the eventual restoration of several hundred jobs, both directly and in the supply chain, and it gives this region’s economy a new industrial focus,” Gupta said. The businessman behind the GreenSteel strategy of Liberty House has been instrumental in a string of recent acquisitions of struggling steel units in the UK, including those formerly owned by NRI industrialist Swraj Paul’s Caparo Group and Tata Steel. He explained, “This is a key first step for us in the US. We’re keen to apply the same low-carbon GreenSteel vision here as we are doing in the UK. Acquiring the plant at Georgetown, with its ability to recycle scrap steel in an arc furnace, gives us a strong platform from which to launch our strategy in the US.

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