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Gupta's GFG Alliance signals further US acquisitions

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Gupta's GFG Alliance signals further US acquisitions

Steel entrepreneur Sanjeev Gupta's GFG Alliance is looking for further acquisitions in the U.S. and considering expanding its new Keystone Consolidated Industries Inc. plant in Illinois.

The company said Jan. 15 that it is looking to restart a second furnace at Liberty Steel Georgetown in South Carolina, which will add up to 500,000 tonnes of capacity.

GFG is examining proposals to boost permitted liquid steel production at the Peoria plant in Illinois to 1.1 million tonnes per year from 800,000 tonnes per year.

During a visit to Peoria, Gupta pledged to establish Liberty Steel as the country's largest producer of wire rod within the next year.

He added that Peoria's location will help drive Liberty's nationwide strategy to recycle at least 1 million tonnes of scrap in the U.S. in 2019, with a target of reaching 5 million tonnes in the coming two years.

The company agreed to purchase the U.S.-based steel company Keystone Consolidated for US$320 million from Contran Corp. in December 2018.