Sanjeev Gupta, a British industrialist and executive chair of GFG Alliance, following his company’s completed acquisition of ArcelorMittal’s Georgetown Steelworks, is engrossed in discussions of building more U.S.-based steel and industrial assets in 2018, according to reports.
GFG Alliance is a $10 billion metals, industrials and energy group, and has been acquiring diminishing industrial assets in Britain, Australia and the U.S. over the past several years.
GFG Alliance also recently struck a deal with U.K.-based tidal power firm Atlantis Resources to form a listed company that marked Gupta’s first step onto the stock market, with further such steps expected next year, according to a LiveMint report.
Gupta said in a Reuters report that GFG would list parts of its business, but was more likely to list a steel asset in the United States than Britain.
The Georgetown Steelworks, which includes a 540,000 ton-per-year electric arc furnace and a 680,000 ton-per-year rod mill, would restart in the spring, GFG Alliance said in a statement.
Gupta will initially rehire 125 former employees at the steelworks, aiming to expand the workforce to 250 in the medium-term, the report said.
“Securing the Georgetown furnace and mill is a major milestone for us, marking our first major step in the USA. The melting and rolling facilities here give us a formidable entry to the American market and provide a strong platform for expansion,” Gupta said in a statement. “We see major prospects for the metals industry here and we want to apply the same GREENSTEEL sustainable strategy to our American plants as we are already delivering in the UK and Australia.”
The plant was closed in August 2015 and directly employed more than 320 workers, it said.
“We’ve already had customers contacting us about placing orders, so we’re keen to get back up and running as quickly as possible,” Gupta added.
Born in Punjab, Gupta moved to Britain aged 12 and ventured into business at Cambridge University by selling chemical products to Nigeria where his industrialist father had business interests, the report said.