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Kallanish Kallanish

Knowledge matters Knowledge matters

December, 19th 2018

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OCT 12
08:45

Liberty agrees to acquire four ArcelorMittal plants

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ArcelorMittal has received a binding offer from Liberty House Group for the acquisition of ArcelorMittal’s Ostrava, Galati, Skopje and Piombino plants.

The steelworks, located in Czech Republic, Romania, Macedonia and Italy respectively, were earmarked by ArcelorMittal for sale last April in return for the group acquiring Italian steelmaker Ilva (see Kallanish passim). The European Commission approved this plan in May.

Transaction closing is subject to the completion of ArcelorMittal’s acquisition of Ilva, the world’s largest steelmaker says in a note sent to Kallanish. It also requires EU approval and the conclusion of information consultations with local and European Works Councils.

Negotiations with potential buyers continue on the sale of ArcelorMittal Dudelange in Luxembourg, and several finishing lines in Liege, Belgium, which were also part of ArcelorMittal’s proposed divestment package.

Liberty House, which has since early 2016 acquired numerous global steel assets, starting with a number of UK-based plants, beat off competition from various steelmakers reported to be interested in ArcelorMittal’s steelworks. These included NLMK Europe, SSAB, Salzgitter, Metinvest, British Steel and Trinecke Zelezarny. Once the latest transaction is completed, Liberty will become a major player in Europe's flat steel market.