The Gupta family comes out of the shadows: announced the creation of a new metallurgical Corporation
British billionaire of Indian origin Sanjeev Gupta announced the merger of its steel making assets into a new company called Liberty Steel Group. The new company is completely ready for listing on the exchange and will have a consolidated turnover of $ 15 billion, he said at a European conference by World Steel Dynamics in Milan
Liberty Steel Group, which will consolidate operations in the UK, Europe, USA and Australia will be registered by the end of the year. With an annual production capacity of 18 million tons, the new company will become the 17th largest steel producer, according to the world steel Association for the year 2018.
Main ambitions of the new group will be the creation in 2030, the first in the world steel production without carbon emissions. Strategy Greensteel GFG will focus on the use of electric arc furnaces (EAF) for recycling scrap steel.
According to Gupta, thanks to the expansion of EDP and use of more renewable sources of energy, such as wind turbines, Liberty should be able to move 70-80% to neutral carbon emissions.
it is Expected that the use of hydrogen for the production of primary steel will be the last piece of the puzzle, he added. "Technically, it's already proven you can produce the steel with hydrogen, the only question is the economic viability," said Gupta.
Liberty House can buy from the UK's second largest metallurgical company in the country British Steel after the failure of the last transaction with the Turkish company can go.
In July, Liberty Steel has completed the acquisition of seven large metallurgical plants and five service centers in seven European countries from ArcelorMittal for 740 million euros.