Liberty Steel to invest €400 million in its European steelworks

Tuesday, 17 September 2019 17:40:19 (GMT+3)   |   Istanbul
       

Sanjeev Gupta, executive president of the British-based group GFG Alliance, of which Liberty Steel is a part, announced today, September 17, that GFG Alliance will invest €400 million over five years “to build Liberty Steel’s newly acquired European steelworks into a major force in the global steel industry.” He also added that Liberty aims to expand its sales at its plants by 50 percent by 2022.

Liberty Steel announced this week that the company launched seven steelworks and five major service centers as part of the GFG Alliance group. Thanks to these sites bought in early July for €740 million, Liberty ranks among the top ten steel producers in the world, excluding China, with a total rolling capacity over 18 million mt.

The steelworks mentioned above are in Ostrava, Czech Republic; Galati, Romania; Piombino, Italy; Skopje, North Macedonia; Dudelange, Luxembourg and two plants near Liege, Belgium. With these plants which employ 14,000 workers, GFG Alliance’s global workforce reaches about 30,000 people.

“These are well positioned sites in strategic locations with highly skilled workforces. We believe the quality of the facilities, complemented by incremental capital investment, will facilitate the development of the product portfolios. We intend to use these strong foundations to expand into Western Europe,” stated Jon Bolton, CEO of Liberty Steel Continental Europe.


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