International industrial and metals group Liberty House has announced that its parent company GFG Alliance has signed the final agreement which transferred ownership of Australia-based mining and steelmaking company Arrium.
Liberty’s executive chairman Sanjeev Gupta said that he will run the business hands-on for a period of time, together with Michael Morley as his Deputy and the Australian leadership team. They will commence a 100-day review, with the objective of finalizing a comprehensive transformation plan, delivering a competitive and sustainable future.
“In the UK, the locally available raw material is scrap, as primary coal and ore are largely depleted. In Australia, however, local raw materials include not only scrap but also a plentiful supply iron ore and coal. We intend to participate in this value chain as we now own our first iron ore mining operations with substantial resources, and are exploring the acquisition of various coking coal assets.” Mr. Gupta indicated.
GFG Alliance looks to expand the already significant recycling business, using excess scrap that is currently exported, and utilizing renewable power through its own energy initiatives. Additionally, with the abundant iron ore and coal reserves in Australia, the company aims to expand primary steel production using the latest technologies available.