UK based Indian origin Sanjeev Gupta has purchased Carolina based steel mill Mittal

London: Sanjeev Gupta’s Liberty House Group has finally completed purchase of South- Carolina based Georgetown steel mill from ArcelorMittal, as company announced. The said deal between Liberty House of Sanjeev Gupta and NRI steel magnate Lakshmi N Mittal’s US steelworks, which includes a 540,000-tonnes a year electric arc furnace and 680,000-tonne a year rod mill had been agreed earlier this year.  This sale marks the first in a series of strategic North American acquisitions and also new projects targeted by Gupta-led GFG alliance. While it will be 600,000-square-foot plant, serving the construction and automotive markets, is set to re-start melting and rolling next year as the first step in GFG’s investment plans for the American steel industry.

On Monday Gupta chief of GFG Alliance and Liberty house said in a statement “Securing the Georgetown furnace and mill is a major milestone for us, marking our first major step in the USA. The melting and rolling facilities here give us a formidable entry to the American market and provide a strong platform for expansion;the steel tycoon said he wanted to apply his Green Steel sustainable strategy to the American plants, in line with the UK and Australia.

“We’ve already had customers contacting us about placing orders, so we’re keen to get back up and running as quickly as possible,” he said.

However Liberty will initially re-hire 125 former employees at Georgetown and then build the workforce to 250 in the medium-term while group is targeting a major share of the US market for Home-produced wire rod, demand for which is projected to grow substantially during 2018.As with completion of Georgetown deal as follows successful negotiations between Liberty and several Key stakeholders, including the United Steelworkers of America union, Georgetown  Council and the South Carolina state Government over the past few months.

The steelworks were a pivotal part of the American state’s industrial infrastructure for nearly 70 years until it was shuttered in 2015. It said that want to restore it former position of prominence and bring hundreds of skilled jobs back to the plant and to the local along with state economy.Liberty House is part of the wider GFG Alliance, a global group of energy, mining, metals, engineering and financial services businesses, headquartered in London.It has additional hubs in Dubai, Hong Kong, Singapore and Sydney with presence in around 30 countries worldwide.

“Throughout the process, ArcelorMittal has been steadfast in our goal of maintaining the Georgetown steelmaking operation to preserve jobs and maximize the value of the property for our shareholders,” said John Brett, president and CEO of ArcelorMittal USA. He also added”While bittersweet for ArcelorMittal, we are hopeful that today’s announcement is a celebration for Liberty and GFG Alliance, the United Steelworkers and the Georgetown community”. Also the agreement with United steelworkers, the company expects key roles on the furnace, caster and rolling mill to be filled by experienced former employees of the plant and it is also in discussion with Georgetown council about training programmes to prepare a new generation of workers for the industry. News as per  times sources.