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GFG Industrials, of British industrialist Sanjeev Gupta, reopened on Monday a closed steel mill in South Carolina, which will allow its UK-based company to bypass the 25% tariffs imposed by the company. Trump administration on steel imports.
Liberty Steel, a London-based Gupta Group company, held a relaunch ceremony at the Georgetown Steel factory on Monday. The plant originally closed in 2015 and was acquired by Liberty House in 2017, reported the Myrtle Beach Sun News.
Liberty Steel said the plant would employ about 125 workers at launch and more than 300 workers at "medium term", according to a press release. GFG Alliance has pledged to invest more than $ 5 billion in the United States over the next few years.
"It's a historic moment in the history of Liberty Steel and GFG," Gupta said at the ceremony, according to a press release. "This marks our first step on the US market and is as important a step for us in the US as the restart of Liberty Steel Newport after a similar shutdown in the UK. 39 major acquisitions, investments and success for GFG in the UK I hope a lot and hope that a similar trip started today for our family in the United States. "
With the factory in operation, the GFG-owned facility will be able to produce steel products on US soil, avoiding tariffs. President Donald Trump has ordered tariffs on China, the European Union, Mexico, Canada and others this year, arguing that the charges were necessary to ensure national security.
UK-based companies export more than $ 470 million worth of steel to the United States each year, or about 7% of the country's total production, according to U. Steel.
"This first investment is our vote of confidence in the future of metals and heavy industry in the United States," Gupta said. "Overall, GFG's business model is based on long-term sustainability, based on the development of local resources, including the development of education and local communities, and the production of quality products for the domestic market. . "
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