Steel News

Liberty House Expands Roster of Mills Yet Again

02 November 2018 - Metals entrepreneur Sanjeev Gupta and his Liberty House Group have reached a conditional agreement to buy two cold mills and other assets from ArcelorMittal, a strategic acquisition that expands the growing company’s presence in Europe.

ArcelorMittal Takes Control of One of EU’s Largest Steel Works

01 November 2018 - ArcelorMittal has finalized its deal to acquire Italy’s ILVA S.p.A., giving it control of the European Union’s largest steel works.

European Regulators Taking a Closer Look at Tata-thyssenkrupp Deal

30 October 2018 - The European Commission has opened an in-depth assessment of thyssenkrupp and Tata Steel Europe’s planned joint venture.

Essar Steel Creditors Give Nod to ArcelorMittal Offer

30 October 2018 - Essar Steel India Ltd.’s creditors have named ArcelorMittal as the successful bidder for the debt-laden business, accepting its US$6.8 billion offer.

To Avoid Tariffs, Metals Businesses Looking to Set Up Shop in U.S.

25 October 2018 - The Trump administration’s Section 232 tariffs on steel and aluminum is prompting some overseas companies to begin kicking around for acquisition targets as a way to avoid the tax, according to professional services firm PwC.

To Allow for Essar Steel Acquisition, ArcelorMittal Agrees to Pay Off US$1B in Debt

17 October 2018 - ArcelorMittal said it is prepared to pay off the equivalent of about US$1 billion in debt on two businesses in which it had held ownership stakes in order to win approval to buy another.

Liberty House Adds Four European Steel Plants to Growing List of Assets

12 October 2018 - Sanjeev Gupta’s Liberty House Group has signed an agreement to buy four ArcelorMittal facilities in Europe, an acquisition that will double its rolling capacity to more than 15 million metric tons annually.

Motion Industries Closes on Deal to Acquire Hydraulics Distribution Business

09 October 2018 - Industrial parts supplier Motion Industries Inc. has completed its acquisition of hydraulics and pneumatics distributor Hydraulic Supply Co., the company said on Monday.

Tata Expands Capacity With Usha Martin Acquisition

24 September 2018 - Indian wire rope manufacturer Usha Martin Ltd. is divesting its special steel plant and other upstream assets to Tata Steel for the equivalent of between US$589.6 million and US$644.5 million, the company has announced.

Chinese Steel Companies Launch JV to Drive Consolidation

18 September 2018 - China’s big three steelmakers and an asset management company are investing the equivalent of US$291.3 million in a joint venture that will buy up steel assets, with an eye to driving consolidation within the country, reports the Reuters news service.

Steel Dynamics Takes the Keys to Closed Bar Mill, Eyes November Restart

18 September 2018 - Steel Dynamics Inc. has finalized its acquisition of shuttered Kentucky Electric Steel for US$5 million and plans to reopen the facility in November.

ArcelorMittal Raises Offer for India’s Essar Steel

12 September 2018 - ArcelorMittal has put a new offer on the table for Essar Steel India Ltd., bidding the equivalent of US$5.8 billion for the bankrupt steelmaker, according to media reports.

With a Labor Deal in Hand, ArcelorMittal Nears Completion of ILVA Acquisition

06 September 2018 - ArcelorMittal expects to seal its deal for Italian steelmaker ILVA and its massive Taranto works after it reached a tentative labor agreement with ILVA’s labor unions, the company said Thursday.

Sanjeev Gupta Wants to Buy a Shipyard – Where He'll Melt Ships in a Furnace

27 August 2018 - Steel entrepreneur Sanjeev Gupta, whose Liberty House has been buying up distressed assets in the U.S. and the U.K., has his sights on another target – a failing shipyard in India.

Algoma Moves To End Creditor Protection

06 August 2018 - After operating under creditor protection for more than two and a half years, Canada’s Algoma might be set to emerge under new ownership.

Acquisition Expands Boomerang Tube’s Processing Capabilities

02 August 2018 - Texas-based oil country tubular goods maker Boomerang Tube LLC has acquired nearby casings processor Southern Tube LLC for an undisclosed amount, the company has announced.

ArcelorMittal Makes 'Take It or Leave It' Offer for ILVA

30 July 2018 - ArcelorMittal has upped its offer for Italy’s ILVA after the country’s new government began pushing for a better deal, reports commodities news and pricing service Argus Media.

Italian Government Launches Examination of Ilva Bidding

25 July 2018 - The Italian government has opened a review into the bidding process for Ilva and could potentially rescind its agreement to sell the business to ArcelorMittal, reports Kallanish Commodities.

Steel Dynamics Working on Deal for Idled Mill in Kentucky

24 July 2018 - Steel Dynamics Inc. is planning to acquire a shuttered bar mill in Kentucky, chief executive Mark Millett said Tuesday.

Timken Expands Power Transmission Business With Cone Drive Acquisition

24 July 2018 - The Timken Co. is acquiring precision drives manufacturer Cone Drive for an undisclosed amount, it announced on Tuesday.