Until recently, a successful trader, and now 17 steel producer in the world, GFG Alliance Sanzheeva Gupta bought the bankrupt steel mill in India for $ 60 million.
GFG said Tuesday that it has completed the takeover of the steel complex Ltd Adhunik metaliks stock with a capacity of 500 thousand tons and rolling mill Zion Steel Ltd is designed to produce 400 thousand tons of steel a year in Odisha.
New metallurgical complex will continue to produce metal products for automotive and household appliances industry after will be integrated into GFG Liberty Steel Group, said in a statement.
Interestingly, the company Sanzheeva Gupta promised to become carbon neutral before the end of 2030 while the new facility works on a blast furnace that uses coking coal.
Liberty Steel, the annual production of which is 18 million tons of steel per year, is the 17th largest steel producer, according to the world steel Association for the year 2018. The group operates in 10 countries and employs 30,000 staff, not counting the new Indian enterprises.
