NewsBritish Liberty to acquire ArcelorMittal Ostrava

Steelworks ArcelorMittal Ostrava will be acquired by company Liberty, a member of global group GFG Alliance belonging to Sanjeev Gupta. Company Liberty informed about the signing of the conditional agreement for the purchase of four European steelworks with more than 12,500 employees. The binding offer for the purchase of the companies of the ArcelorMittal group includes not only the Czech company but also the plant in the Romanian city of Galac and the rolling mills in the Macedonian capital of Skopje and Italian Piombino. Thanks to the transaction the total production capacity of the British company will more than double to more than 15 million tons per year. Once the acquisition is completed, Liberty plans to continue to make investments into the acquired assets in order to achieve greater competitiveness thanks to low-carbon production and closer integration. The company did not state the value of the transaction. The contract is subject to approval by the European Commission and other local processes.