GFG Alliance promises additional growth in US business

Wednesday, 16 January 2019 15:03:49 (GMT+3)   |   Istanbul
       

During his visit on January 15 to Illinois steelworks, following the acquisition of Keystone Consolidated Industries (KCI) for $320 million this month,Sanjeev Gupta, executive chairman of GFG Alliance, parent company of international industrial and metals group Liberty House, promised a big increase in output from Liberty’s US mills and signaled further American acquisitions.

The GFG Alliance chairman disclosed that Liberty is already examining proposals to boost permitted liquid steel production at Peoria, Illinois from 800,000 mt to 1.1 million mt per year and, as part of its Greensteel strategy, is exploring the potential to build a combined-cycle natural gas power plant on the site to cut carbon emissions by half, slash energy costs and enable further expansion of output from the site’s electric arc furnace. In addition, he announced that Liberty is looking closely at restarting the second EAF at Liberty Steel Georgetown, South Carolina, adding up to 500,000 mt of capacity there.

“This investment is a major vote of confidence in the American steel industry and its workforce. There is a growing desire to buy American-made rather than imported steel and we are very well placed with excellent skills and resources to serve that rising demand. The USA is the largest exporter of scrap and the largest importer of steel in the world so clearly there is an opportunity to produce more steel in the US for the local market from domestic scrap, and we intend to seize this opportunity.” Mr. Gupta said.

He also stated that the Peoria’s location right at the heart of North America’s largest scrap accumulation area made it an immensely valuable resource in driving Liberty’s nationwide Greensteel strategy which will involve recycling at least 1 million mt of scrap in the US in 2019 alone, with a target of reaching 5 million mt within the coming two years.


Tags:
USA , North America , steelmaking , GFG Alliance | similar articles »

 
Most Recent Related Articles
25 Apr 19
25 Apr 19
25 Apr 19
25 Apr 19
25 Apr 19