wiredInUSA January 2019

GFG North American chief investment officer Grant Quasha and executive chairman Sanjeev Gupta

Boost for US steel production

UK-based GFG Alliance is to purchase Texas- based Keystone Consolidated Industries Inc (KCI) from Contran Corporation. Under the terms of the deal, GFG Alliance’s Liberty Steel USA will acquire KCI, including all its subsidiaries, for $320 million. The acquisition adds a wire rod facility with an electric arc furnace (EAF), RedBrand agricultural fence products, industrial wire, a bar mill, three welded wire reinforcement mesh facilities, and a PC strand facility to the Liberty Steel USA group. “The Keystone acquisition is a core part of GFG’s Greensteel vision to become a leading US producer of high quality, cleanly produced steel,” said Sanjeev Gupta, executive chairman of Liberty and the GFG

Alliance. “As we look ahead to the future, GFGwill benefit fromKeystone’s century-long history, its robust operations and its reputation for producing top quality steel.” The merger combines the existing South Carolina-based Liberty Steel Georgetown steel plant with a valuable downstream business. The combined company will have operations in Illinois, Ohio, South Carolina, NewMexico, Texas and Georgia. GFGacquired Liberty Steel Georgetown from ArcelorMittal in late 2017. The plant reopened in June 2018 andhas been steadily increasing production.

GFG Alliance rehired 100 employees at the site, and recruited 50 new employees.

wiredInUSA - January 2019

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