GFG Alliance’s Australia-based subsidiary InfraBuild has announced that it will acquire GFG’s three steel and wire companies in the US to create a more integrated product portfolio.
Accordingly, the company plans to purchase Keystone Consolidated Industries, comprising an electric arc furnace, a rolling mill and a wire mill at Steel and Wire (Peoria), mesh manufacturing sites from Engineered Wire Products (Ohio and New Mexico); Johnstown Wire Technologies (Pennsylvania and Ohio); and Georgetown Steelworks (South Carolina).
The intended acquisitions are expected to be consolidated into the Group through H2FY23, subject to financing structure.
The company is also looking to raise new finance to help fund the acquisitions of these businesses.
“These acquisitions would combine two businesses with a shared mission for sustainable steel production and strong market positions in the Australia and the US,” Dak Patel InfraBuild’s CEO, said.
