Sanjeev Gupta’s Liberty Steel completes €750m Arcelormittal asset purchase
Liberty Steel, part of billionaire Sanjeev Gupta’s GFG Alliance, has completed the €750m (£671m) acquisition of Arcelormittal’s European assets.
The deal, which will add 14,000 employees, seven steelworks and five service centres to Liberty’s portfolio, is the biggest undertaken by the group to date.
GFG Alliance now has around 30,000 workers across 30 countries, following an acquisition spree by Gupta.
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Accelormittal’s steel mills can produce more than 10m tonnes a year to provide to industries from aerospace to infrastructure.
Liberty hopes to increase sales by 50 per cent over the next three years, the company said.
Gupta, the executive chairman of GFG, said: “This is an exciting and important milestone in GFG’s journey. We are extremely proud to welcome thousands of skilled and committed staff into the GFG family.
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“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.”
The steel plants are in the Czech Republic, Romania, Macedonia, Italy, Luxembourg and Belgium. The service centres are in France and Italy.
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.