trending Market Intelligence /marketintelligence/en/news-insights/trending/uM9xl5aqyu4N6lwfruBRZw2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Sanjeev Gupta's GFG Alliance buying Belgian aluminum smelter from Novelis

Industry Top Trends 2021: Metals and Mining

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

Sanjeev Gupta's GFG Alliance buying Belgian aluminum smelter from Novelis

Sanjeev Gupta's GFG Alliance Ltd. agreed to acquire the Duffel aluminum plant in Belgium from Novelis Inc., in keeping with EU conditions for approving Novelis' US$2.6 billion takeover of Aleris Corp., which previously raised competition concerns, Reuters reported Dec. 6, citing a GFG Alliance statement.

GFG Alliance did not disclose a price for the deal and expects it to close in coming months. Duffel is the latest in a series of aluminum and steel takeovers around the world by GFG Alliance, having acquired a French aluminum smelter and a U.S. steel company a year ago, as well as ArcelorMittal's European steel assets earlier in 2019.

Duffel supplies the auto sector and is one of the largest rolling mills in Europe, with the capacity to produce 240,000 tonnes of semifinished aluminum products every year.

As a private company, GFG Alliance's rapid expansion has raised questions about financial transparency and corporate governance structures, as well as the uncommon nature and cost of its borrowings, with the company laying out plans in October to publish consolidated accounts and name a board of directors for the first time. It is also looking to consolidate its steel businesses into a single global company, targeting carbon-neutral operations by 2030.

Novelis is a unit of India's Hindalco Industries Ltd.