Photo: Mint
Photo: Mint

ArcelorMittal completes sale of Europe assets to Liberty Steel

  • The €740 million deal makes Liberty Steel one of the top 10 producers globally
  • Liberty Steel aims to boost sales from the acquired seven sites by around 50% over the next three years

NEW DELHI : Liberty Steel on Monday said it has acquired seven steel making units and five service centres from L.N. Mittal’s ArcelorMittal in Europe for €740 million (around 5,782 crore), according to a company statement.

Indian-origin metals tycoon Sanjeev Gupta-owned company has acquired 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, it said.

These seven sites employ over 14,000 people.

The five service centres which market the products are based in France and Italy.

These operations, with a combined rolling capacity of over ten million tonne per annum 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 today (Monday) 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 tonne covering a wide range of finished products," the company, which is part of London-based GFG Alliance, said.

It said this is the largest single transaction undertaken by GFG and brings the Alliance’s worldwide workforce to nearly 30,000 across 30 counties.

Liberty Steel said it aims to boost sales from these sites by around 50% over the next three years.

With Monday’s announcement Liberty Steel will now work with local management, trade unions, customers and suppliers and complete a comprehensive analysis of the businesses to explore investment opportunities. In the medium term, Liberty will explore opportunities to produce higher-quality steels with a more flexible production profile.