Global industrial leader GFG Alliance, the parent company of the international industrial and metals group Liberty House, has announced that it is planning to create a new corporate structure to hold GFG Alliance’s steel businesses, which are being operated separately around the world at the moment.
The main reason for this consolidation is “to create a more appropriate financial and legal structure for our steel businesses, including downstream assets, and have a combined turnover of more than $10 billion” said the company’s spokesperson.
GFG Alliance stated that the steel businesses will continue to be operated with autonomy, though there will be a single balance sheet and a single set of accounts.
The process in question is still at an early stage and the company will disclose further details in due course, according to the spokesperson.