GFG Alliance plans to merge Liberty's global steel assets
FG Alliance, a privately held conglomerate, said on Thursday it plans to integrate most of the mining and engineering businesses under its Liberty House unit into a single global steel business with assets across the UK, Europe and Australia. London-headquartered GFG, which is looking at possible stock market flotations for part of its business, said in a statement the consolidated business would include its UK steel and engineering assets, a steel plant and mines in Australia, and seven European plants it acquired from ArcelorMittal. The announcement follows the approval by the European Commission on Wednesday of the sale by ArcelorMittal, the world’s largest steel producer, of plants in several European countries to Liberty House.
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