Steel-maker plots growth

METAL tycoon Sanjeev Gupta plans to more than quadruple his firm’s steelmaking capacity by 2023.

Gupta wants GFG Alliance to produce five million tonnes of low-carbon steel a year in the UK – half the country’s current output.

He has bought assets around Britain, including two pipe mills in Hartlepool from Tata Steel, having purchased its speciality steels firm. He has also bought Rio Tinto’s aluminium smelter in Scotland.

Jay Hambro, chief investment officer, said: ‘Driverless and electric cars are a great innovation. However, all cars will need steel and aluminium, whichever the engine.’