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GFG Alliance Completes Acquisition Of Arrium
Indian entrepreneur Sanjeev Gupta led GFG Alliance on
Thursday completed the acquisition of Australia’s leading integrated mining,
recycling, steel manufacturing and steel distribution business, Arrium.
The group will now begin a 100-day review of the business
and finalize a transformation plan to make the 6000-worker enterprise sustainable.
This will include finalizing capital investments across sites, utilization of
excess production capacity, reduction in raw material costs, greater energy
efficiency, development of new high-value added products and services for the
Australian market and increasing export of iron ore and steel products.
The group will be investing 1 billion US dollar across the
Whyalla steelworks and mining businesses for modernization and expansion.
“After a long period of uncertainty, the GFG Alliance and
this highly skilled and committed workforce can now work together to be the
authors of an exciting new chapter in the Australian steel industry. As we now
focus on our plans for investment and growth, we have every reason to be
confident that this business shall increase its already significant role in
supporting the construction of Australia’s future,” executive chairman of GFG
Alliance, Sanjeev Gupta said.
Gupta added that an “early win” would be the opportunity to
make high grade API slab at Whyalla for the group’s plate mill in Scotland
which will be used in the group’s large diameter SAW pipe mills in the north
east of England.
With this acquisition, the former Arrium mining and port
operations will now be rebranded as SIMEC Mining and SIMEC Infrastructure
divisions respectively while OneSteel and its operating divisions will become
Liberty OneSteel. SIMEC group as well as the Liberty House Group are sister
concerns part of the larger GFG Alliance owned by the Gupta family.
The group that is exploring further investment opportunities
Down Under has a track record of acquiring loss-making assets in the UK which
has made it the country’s largest industrial employers with more than 5,000
workers.
Source: economictimes.indiatimes.com
