UK-based Liberty House Group on Sunday said it will agreement Tata Steel UK’s speciality steels business for $125 million (AED458 million).
The deal secures the future of around 1,700 jobs directly, and thousands more in the supply chain and regional economy, a company statement said.
In an exclusive interview published in Arabian Business on Sunday, Sanjeev Gupta, executive chairman, Liberty House Group said he was “very close” to closing the deal.
“The agreed timeline is there and as far as both sides are concerned it’s just the question of winding down things,” he said.
Gupta also revealed plans to list his steel business in the United States, revealing talks to acquire a steel-related business in the UAE.
The closing of the Tata deal follows an extensive due diligence period singed in November 2016. It now makes Liberty “one of the largest steel and engineering employers in the UK with more than 4,000 workers at plants located across Britain”.
The speciality steels unit can make around 1.1 million tonnes of liquid steel per year from recycled scrap, the company said.
Gupta said: “Fulfilling the next key stage of our ‘Green Steel’ vision is incredibly exciting. We will now be able to melt scrap steel to create high-value-added products and I hope that, in due course, we will do so using renewable power.”
“Green Steel” strategy, which involves the recycling of UK scrap using renewable energy.
The company said it is working towards completing the transaction “as soon as possible”.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.