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NewsHome > News >

Arcelor Mittal Wins EU Nod for Steel Asset Sale to Liberty House

Time:2019-04-19 10:16 Author:Suny Group

Steel giant ArcelorMittal has obtained EU approval for sale of its European steel assets to Liberty House Group. The European Commission, in a statement, noted that it has identified Liberty as a suitable purchaser and that the transaction does not result in any sort of competition issues.

The company will acquire sell major steel plants in Europe. This includes ArcelorMittal Ostrava in Czech Republic, ArcelorMittal Galati in Romania, ArcelorMittal Skopje in North Macedonia, ArcelorMittal Piombino in Italy, ArcelorMittal Dudelange in Luxembourg and several finishing lines at ArcelorMittal Li ge in Belgium. The transaction is expected to close before the end of H1 2019.

Meantime, GFG Alliance which owns Liberty House Group also announced its intention to integrate various steelmaking and mining assets spread across the UK, Europe and Australia into a single global entity. The entity will include all its UK steel and engineering assets, Whyalla steelworks in Australia, iron ore and metallurgical coal mines in Australia and the seven steelmaking facilities to be acquired from ArcelorMittal.

Sanjeev Gupta, Executive Chairman of the GFG Alliance noted that the much awaited EU node will mark a significant step in Liberty’s evolution. The consolidation of integrated steel assets is part of its strategic expansion plans and will make it the third largest steel producer in the European region.

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