Liberty steel united

COMBINED: GFG Alliance is integrating its steel, mining and engineering businesses into a single global entity, making Liberty Primary Steel the third largest steel producer in Europe.
COMBINED: GFG Alliance is integrating its steel, mining and engineering businesses into a single global entity, making Liberty Primary Steel the third largest steel producer in Europe.

In a move that will catapult Liberty Primary Steel into the top 10 steel producers outside China, GFG Alliance are integrating its steel, mining and engineering businesses into a single global entity.

The move comes as GFG Alliance receive approval from the European Union to acquire seven major steel plants from multinational steel manufacturer ArcelorMittal.

The new, consolidated business will include all of the UK steel and engineering assets, including the Whyalla Steelworks and a number of high-quality Australian iron ore and metallurgical coal mines.

Executive Chairman Sanjeev Gupta said the EU's approval for the company to acquire the steel plants from ArcelorMittal meant GFG Alliance became the third largest steel producer in Europe.

"We are an ambitious and aspirational group and we keep breaking boundaries," he said.

"The bringing together of our international integrated steel assets is part of our deliberate, strategic and sustainable expansion.

"This combination will form a global champion, 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."

As part of the strategic alignment of the international assets GFG Alliance has completed the first phase in rearranging its energy procurement strategy and associated funding.

GFG Alliance has procured the refinancing of approximately one third of its long-term power purchase obligations in the UK and will arrange refinancing of the remainder later this year.