LIBERTY Steel, which owns the UK’s last remaining smelter at Lochaber, has further expanded in Europe with the acquisition of three steel plants – two in Belgium and one in Luxembourg.
The company, part of Sanjeev Gupta’s global GFG Alliance, has announced a conditional agreement to buy the Flemalle and Tilleur sites – which employ around 700 people near Liege, and Dudelange, which employs 300 - from ArcelorMittal.
Liberty’s announcement follows its acquisition of steel mills in Romania, the Czech Republic, Macedonia and Italy, also from ArcelorMittal. Both deals are subject to European Commission approval and other local consultations.
Gupta, executive chairman of the GFG Alliance, 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.”
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.”
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