British-owned Liberty, part of Indian-born British mogul Sanjeev Gupta’s global GFG Alliance, announced on Tuesday conditional agreement to buy Keystone Consolidated Industries, a US steelmaker, from Contran.
Under the terms of the agreement, Liberty Steel USA, part of the GFG Alliance, will acquire KCI, including its subsidiaries, for USD 320 million.
It is estimated that the transaction will be completed before or on December 31, 2018, after an assessment of compliance with the regulations in force.
Keystone Steel and Wire is a division of KCI and has over 100 years of history in the production of steel and steel products.
Liberty will become the new owner of ArcelorMittal Galați steel plant following an agreement announced in October.
The deal is subject to approval by the European Commission and other local processes including the conclusion of information consultations with local and European Works Councils.