ArcelorMittal seeks EU approval to buy Sanjeev Gupta’s French steel mills
Steel

ArcelorMittal seeks EU approval to buy Sanjeev Gupta’s French steel mills

ArcelorMittal SA is seeking approval from the European Union (EU) to buy the French steel mills from the beleaguered tycoon Sanjeev Gupta.

According to the European Commission, the steel giant is planning to buy a majority of shares in the Liberty Steel France Holdings SAS who owns the Ascoval and Hayange plants. The mills sought creditor protection in April, amid the financial crisis at Gupta's GFG Alliance assets.

Sanjeev Gupta has been struggling to refrain from its empire after the collapse of the Greensill Capital. Now GFG is the target of a UK probe into fraud and money laundering to secure the new working capital for its British businesses from White Oak Global Advisors LLC.

ArcelorMittal's spokesperson confirmed that it had bid for the Gupta's assets and said that it has planned to invest in it.

Liberty Steel France, GFG's steel arm, said it was taking prudent steps to explore sales options for these businesses after they have faced a significant reduction in their working capital support after the collapse of Greensill Capital.

The EU has not given a deal fast-track simplified status that would allow quick approval. The deadline for ruling over the deal is July 9.

In 2018, ArcelorMittal sold a string of European steel mills to GFG Alliance to assuage antitrust concerns raised when it acquired the Italy-based Ilva steelworks, Taranto. It has sold a majority of its plant stake, which was one of the largest in Europe, to the Italian state.

Image Source


Also read: Liberty Steel to sell UK plant as a part of restructuring plan

Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr

ArcelorMittal SA is seeking approval from the European Union (EU) to buy the French steel mills from the beleaguered tycoon Sanjeev Gupta. According to the European Commission, the steel giant is planning to buy a majority of shares in the Liberty Steel France Holdings SAS who owns the Ascoval and Hayange plants. The mills sought creditor protection in April, amid the financial crisis at Gupta's GFG Alliance assets. Sanjeev Gupta has been struggling to refrain from its empire after the collapse of the Greensill Capital. Now GFG is the target of a UK probe into fraud and money laundering to secure the new working capital for its British businesses from White Oak Global Advisors LLC. ArcelorMittal's spokesperson confirmed that it had bid for the Gupta's assets and said that it has planned to invest in it. Liberty Steel France, GFG's steel arm, said it was taking prudent steps to explore sales options for these businesses after they have faced a significant reduction in their working capital support after the collapse of Greensill Capital. The EU has not given a deal fast-track simplified status that would allow quick approval. The deadline for ruling over the deal is July 9. In 2018, ArcelorMittal sold a string of European steel mills to GFG Alliance to assuage antitrust concerns raised when it acquired the Italy-based Ilva steelworks, Taranto. It has sold a majority of its plant stake, which was one of the largest in Europe, to the Italian state. Image Source Also read: Liberty Steel to sell UK plant as a part of restructuring plan Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?