Liberty House gets green light from EC to acquire ArcelorMittal plants

Thursday, 18 April 2019 12:22:55 (GMT+3)   |   Brescia
       

The European Commission (EC) has given the green light for the acquisition by Liberty House of a number of global steel giant ArcelorMittal's European steelmaking assets, as announced by ArcelorMittal late on Wednesday, April 17.

The assets form a divestment package that ArcelorMittal agreed with the EC during its merger control investigation into ArcelorMittal's acquisition of Italian steelmaker Ilva S.p.A. The assets included within the divestment package are ArcelorMittal Ostrava (Czech Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia), ArcelorMittal Piombino (Italy), ArcelorMittal Dudelange (Luxembourg) and several finishing lines at ArcelorMittal Liège (Belgium).

The transaction is expected to be closed before the end of June this year, with Liberty House, which is run by metals magnate Sanjeev Gupta, then becoming the third-largest steelmaker in Europe.

As a result, Liberty House will integrate most of its businesses in Europe, the United Kingdom and Australia under one global entity. "The consolidated business will include all of the UK steel and engineering assets, the integrated Australian Liberty primary steelworks in Whyalla, a number of high-quality Australian iron ore and metallurgical coal mines, and, once completed, the seven European steel plants being acquired from ArcelorMittal," Liberty said. "This combination will form a global champion, with fully integrated capabilities, shipping iron ore and coking coal and semi-finished product from Australia to its manufacturing plants and mills globally with the target of becoming one of the largest and most competitive fully-integrated steel and mining producers in the world, from raw materials to high-value finished goods," stated Liberty founder Sanjeev Gupta.

Pursuant to a separate agreement, Liberty is also set to purchase four flat product service centres from ArcelorMittal CLN Distribuzione Italia. These are located in Arcore, Rieti, Quarto Inferiore, and Graffignana, Italy.


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