UK-based Indian metals giant Liberty House Group has completed purchase of South Carolina-based Georgetown steel mill from ArcellorMittal. The deal which was agreed upon earlier last year between Sanjay Gupta's company and NRI steel magnate Lakshmi N Mittal's US steelworks, includes a 540,000 tonne a year electric arc furnace and 680,000-tonne a year rod mill. The sale is the first in a series of strategic North American acquisitions and new projects targeted by Gupta-led GFG Alliance.
Gupta released a statement saying, “Securing the Georgetown furnace and mill is a major milestone for us, marking our first major step in the USA. The melting and rolling facilities here give us a formidable entry to the American market and provide a strong platform for expansion.” He said he wanted to apply his GreenSteel sustainable strategy to the American plants, in line with the UK and Australia. “We've already had customers contacting us about placing orders, so we're keen to get back up and running as quickly as possible.” Liberty will initially re-hire 125 employees at Georgetown and then build the workforce to 250 in the medium-term.
The group targets a major share of the US market for home-produced wire rod, demand for which is projected to grow substantially this year. “Throughout the process ArcelorMittal has been steadfast in our goal of maintaining the Georgetown steel-making operation to preserve jobs and maximise the value of the property for our shareholders,” said John Brett, president and CEO of ArcelorMittal USA. “While bittersweet for ArcelorMittal, we are hopeful that the announcement is a celebration for Liberty and GFG Alliance, the United Steelworkers and the Georgetown community.”
