LIBERTY Steel Signed Agreement to Acquire Korean Steel Plant

SEATTLE (Scrap Monster): U.K.-based Liberty Steel Group announced that it has reached an agreement with South Korean KG Steel to acquire the latter’s Dongbu steel plant located in Dangjin along with related assets.

The steel plant consists of two electric arc furnaces, two single-strand thin slab continuous casters and a hot strip mill. The installed liquid steel capacity of the plant is estimated at 3 million metric tons per year, with a finished steel production capacity of 2.85 million metric tons per year. The plant has high standards in carbon emissions and possesses operational flexibility and energy efficiency.

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Liberty Steel plans to install the Dongbu equipment at its Galati, Romania plant, which will allow transition of the facility to low-carbon operations. As per sources, it has analysed alternative options as well to ensure best use of the equipment. The purchase is part of its strategic plan to develop low carbon, flexible, state-of-the-art steel plants. Moreover, it will provide significant boost to its journey to carbon neutrality by 2030.

Sandip Biswas, chief investment officer at Liberty Steel Group noted that technical studies carried out at the Dongbu steel plant indicates that it has the potential to deliver highest standards of performance and wide range of products.