Through the deal, Liberty, part of Gupta’s GFG Alliance, acquired 10 million metric tons of rolling capacity spread among seven plants: two integrated steel works in the Czech Republic and Romania and rolling mills in Skopje, North Macedonia; Piombino, Italy; Dudelange, Luxembourg; and Liege, Belgium. The acquisition also includes five service centers in France and Italy.

“This in an exciting and important milestone in GFG’s journey,” Gupta said in a statement. “These businesses will form a key part of our global steel strategy of building a sustainable steel business with a fully integrated value chain, from raw materials to high-value finished products that are distributed in high quality markets.”

ArcelorMittal divested the plants last year to ease anti-trust concerns related to its acquisition of Italian steelmaker ILVA.

Liberty said the plants sell into a variety of end-use sectors across Europe, including construction and infrastructure, automotive, aerospace, energy, industrial equipment, consumer products and yellow goods.

Liberty said that with the sale completed, it will look to boost sales at the facilities by around 50% over the next three years.

In addition to lifting its capacity, the acquisition will expand Liberty’s payroll as the plants employ more than 14,000 people.

“We are extremely proud to welcome thousands of skilled and committed staff into the GFG family. We look forward to working together to create a bright and sustainable future for our group and our industry,” Gupta said. 

The company said the completion of the deal starts a 100-day review period, during which Liberty Steel, working with local management, trade unions, customers and suppliers, will complete a comprehensive analysis of the businesses to explore investment opportunities and develop detailed plans to boost competitiveness, extend product range and support sales growth.