UK-based GFG Alliance has announced that it has acquired the UK’s largest distributor of engineering steel products Aartee Bright Bar (ABB) via the 100 percent purchase of shares in its parent company Aartee Group Pte Limited, to secure 250 jobs in the West Midlands and across the UK.
GFG has provided funding to cover wages for four weeks to prevent a reduction in jobs expected following the appointment of administrators.
“ABB is a significant part of the UK’s steel supply chain and distribution network, and a key customer for GFG’s bar products produced in Rotherham by Liberty. Our rescue plan would save 250 viable steel jobs in the West Midlands and across the UK. Over time, ABB’s business would be integrated into Liberty’s operations helping to reinforce our UK transformation plan focused on producing specialist steel products,” Jeffrey Kabel, chief transformation officer, said.