GFG Alliance is seeking to obtain 5 million tons per year of steel capacity in the United States within the next two to three years, primarily via acquisitions and the restoration of dormant brownfield facilities, executive chairman Sanjeev Gupta said on Tuesday June 26.
London-based GFG - parent of industrial conglomerate Liberty House Group, which would directly control the new steel capacity - started its US steelmaking journey with the June 25 restart of its wire rod mill in Georgetown, South Carolina. Liberty House said on Monday that it intends to spend $5 billion in US investments in the coming years. For now, GFG prefers to grow through acquisitions or brownfields rather than build new steel mills, Gupta said in a keynote speech at the Steel Success Strategies XXXIII conference in New York, co-sponsored by American Metal Market and World Steel Dynamics Inc. Liberty House also prefers to own scrap and recycling assets, he said, citing the company's acquisition of scrap assets in Tampa, Florida, as the start of a broader strategy....