In a statement, LIBERTY Steel said the acquisition marks its first foray into the French steel market and will provide a platform for further GREENSTEEL production and product developments in France.

“Today is a landmark moment for the workers of Hayange and Ascoval, for the French steel industry, and for LIBERTY Steel Group’s GREENSTEEL ambitions in France. We have been interested in both of these sites for many years and have always believed that their futures were interlinked,” said LIBERTY Steel executive chairman Sanjeev Gupta. 

“We will revive both businesses, in a partnership supported by the extended GFG Alliance family, which I believe will be able to connect them to bigger opportunities in the market, host downstream developments and provide additional demand for Ascoval’s steel.”

LIBERTY Steel said it is injecting EUR65 million in new financing into the facilities to enact its industrial plan.