Liberty Steel Group Declares Consolidation of Global Steel Business

SEATTLE (Scrap Monster): The GFG Alliance entity Liberty Steel Group announced plans to consolidate the steelmaking and mining assets into a single company. The proposed consolidation of steel businesses will lead to the creation of a global company with estimated rolled steel capacity of 18 million metric tons per annum and annual sales of approximately $15 billion. The company also aims to achieve net carbon-neutral status by 2030.

According to company news release, the consolidation of the group’s upstream and downstream steel manufacturing, mining and distribution businesses around the world will result in a single set of accounts and a single board to supervise operations. This will make it the eighth largest steel producer outside China and help the company earn more transparency among its customers, suppliers, employers and financial markets.

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Sanjeev Gupta, executive chairman and CEO at GFG Alliance noted that the creation of a new force in steel will ensure sustainable future for its steel business and communities.

The company will continue to explore best use of latest technologies in order to effectively tackle emissions at its steelmaking facilities. Also, it will continue to focus on development of various forms of renewable energy, in collaboration with SIMEC Energy. Efforts will be made to reduce transport emissions, cut electricity use, minimize waste and promote reforestation. Liberty Steel Group aims to become the first carbon-neutral steel company in the world, Gupta added.