News Companies Liberty Steel 22 February 2023
This move will allow Liberty Steel to increase its customer base and product range in Italy
Sajeev Gupta’s industrial and energy group GFG Alliance has acquired the Italian assets of Aartee. In this way, the company is expanding its presence in the country, reports Kallanish.
Aartee operates in Italy through Aartee Distribuzione Italia with four steel plants with a capacity of over 160,000 tonnes of special steel per year. 90% of sales are in the domestic market, customers are represented in many industries, including the automotive and construction, as well as the home appliances sector. Liberty also owns the Liberty Magona rolling mill in Piombino with a capacity of 600,000 tons per year.
The acquisition of Aartee’s assets in the country will allow Liberty Steel, GFG Group’s leading steel producer, to increase its customer base, distribution network and product range in Italy, as well as reduce costs through synergies.
As GMK Center reported earlier, GFG announced the acquisition of the UK’s producer and distributor of steel products Aartee Bright Bar (ABB). The group has provided enough funding to cover ABB’s staff wages for four weeks and filed to challenge the administration appointed at the company on February 6, which is supported by the majority of business creditors.
Also, Liberty Steel is believed to have signed a contract with the liquidator of Hungarian steel company Dunaferr to be able to manage the company for 3 months. In February, according to Kallanish, the company confirmed its participation in the management of the recovery of the steel plant.