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Liberty House Group, a UK-based company owned by British businessman Sanjeev Gupta, who is also fighting for assets in India, marked Monday its entry into the United States by restarting a steel plant in the United States. Caroline from the south.
Liberty House is part of the global industrial group GFG Alliance, which claims to have invested billions to secure the future of industrial assets in the UK, Europe and Australia. With investments in power generation, metallurgy, engineering and financial services, in the UK, Europe and Australia, GFG Alliance intends to replicate the same thing in North America and India.
Overall, the group plans to invest $ 5 billion over the next few years.
The Georgetown Ironworks, with a capacity of 750,000 tons per year, was closed by former owners in 2015, before Gupta acquired it last year. .
"The recommissioning of Georgetown kilns and dies would be the first of a series of GFG projects in the United States and Canada, totaling more than $ 5 billion over the next few years. Of this amount, $ 1 billion is expected to be invested over the next year to acquire and develop assets in the steel, aluminum, engineering, manufacturing and construction industries. 39, mining, energy production and financial services.
The group also establishes a regional headquarters in New York as a hub for its global operations.
Over the past year, GFG Alliance has been seen buying aging mills with plans to modernize the plants. Some developments include the purchase of an Australian steel mill purchased by GFG Arrium Ltd. in 2017. Its other bets on certain loss-making assets include the activities of Essar Steel in Minnesota, Tata Steel Mills and ABG Shipyard, a shipbuilding company based in Ahmedabad, India.
Liberty House Group has also entered into an offer to buy Indian auto parts maker Amtek Auto as well as for Rio Tinto's aluminum plant in France. In a previous interview with Reuters, Liberty House CEO Douglas Dawson said they were very focused on growing their downstream footprint in India.
At present, the GFG Alliance achieves a turnover of more than $ 15 billion and employs more than 14,000 people worldwide.
Apart from the Liberty Metals business, the Group manages its energy and raw materials under SIMEC. It plans to build new business in the automotive and steel sector in India and two electric arc furnaces in Australia for metal recycling.
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