Liberty to buy ArcelorMittal’s European assets
Sanjeev Gupta’s steel group Liberty is set to acquire the European assets of ArcelorMittal, as it pushes for expansion on the European mainland.
The assets include ArcelorMittal’s integrated steel works in Romania and the Czech Republic as well as rolling mills in Macedonia and Italy. The acquisition will take Liberty’s steel rolling capacity in Europe to around 10.5 million tonnes a year.
The deal — subject to a conditional agreement following a binding offer from Liberty — will also be an important step for ArcelorMittal.
The European Competition Commission had stipulated the disposal of certain assets as part of ArcelorMittal’s planned acquisition of Italy’s Ilva.