Liberty House acquires stainless steel mill shares in Dubai

According to a statement by Liberty House Group, the international steel and minerals group which operates from its three hubs in London, Dubai and Singapore, the company has acquired a 76 percent stake in UAE-based stainless steel producer International Quality Steel (IQS) along with Indian power producer and commodity trader Ushdev International Ltd and Indian stainless and speciality steel producer Indian Steel Works (ISW).
 
The current owners ANC Holdings will retain a 24 percent stake in the new entity which will be renamed as Liberty UI Stainless LCC.
 
The plant, based in Dubai Free Zone, has an annual production capacity of 100,000 mt of liquid steel which are cast in billets ranging from 100 to 160mm.  SteelOrbis understands from its own market sources that at the moment IQS is supplying its stainless steel products as far as South Korea and that it is selling carbon steel to local rerollers in the UAE.
 
"We are excited to be entering the stainless steel business with the core partnership of Liberty, Ushdev International, Indian Steel Works (ISW) and ANC Holdings," said Sanjeev Gupta, managing director of Liberty House.
 
A new company, Liberty UI Stainless Marketing DMCC, is also being launched in Dubai to handle all raw material procurement, the statement said.
 
A rolling mill and bright bar plant will be installed next year to further extend Liberty UI Stainless LCC's reach into the global stainless steel market.