A 540,000-ton-a-year electric arc furnace and 680,000-ton-a-year rod mill serving the construction and automotive markets will re-start melting and rolling in Spring 2018 following the acquisition of a Georgetown, South Carolina, steelworks facility.
Liberty House, part of the global metals, industrials, and energy group, the GFG Alliance, recently completed the purchase of the 600,000-sq.-ft. rod and wire mill from ArcelorMittal, the first in a series of North American acquisitions and new projects targeted by the group founded and run by British industrialist, Sanjeev Gupta.
The company is already in discussions regarding the acquisition of other major US steel assets and new greenfield projects, which it expects to announce in the coming year.
Liberty House, will initially re-hire 125 former employees at Georgetown and then build the workforce to 250 in the medium-term. The group is targeting a major share of the US market for home-produced wire rod, demand for which is projected to grow substantially during 2018.
The steelworks was a pivotal part of the state’s industrial infrastructure for nearly 70 years until it was shuttered in 2015. Liberty House now aims to restore its role in the steelmaking industry and bring hundreds of skilled jobs back to the plant and to the local and state economy.
Under an agreement with the United Steelworkers, the company expects key roles on the furnace, casters and rolling mill to be filled by experienced former employees of the plant and it is also in discussion with Georgetown Council about training programs to prepare workers for the industry.
“Securing the Georgetown furnace and mill is a major milestone for us, marking our first major step in the USA,” said Sanjeev Gupta, executive chairman of the GFG Alliance said. “The melting and rolling facilities here give us a formidable entry to the American market and provide a strong platform for expansion. We see major prospects for the metals industry here.”
