GFG Alliance, which is made up of companies owned by members of Great Britain’s Gupta family and includes metals entrepreneur Sanjeev Gupta’s Liberty House, said it hopes to displace the 6.6 million metric tons of raw steel imported into the country by melting scrap in domestic electric arc furnaces. 

"At present, the U.K. exports more of its scrap for processing abroad than any other developed economy, and this abundant raw material – 10 million metric tons a year, rising to 20 million metric tons within a decade – provides the country with a huge opportunity to drive clean growth by making low-carbon steel at home," the company said. 

The U.K. produced 10.9 million metric tons of crude steel in 2015, according to the World Steel Association. 

You can read the full announcement here.