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Liberty Steel Group
Liberty Steel Group Holdings UK Ltd (LSG), which is also referred to as Liberty House or Liberty House UK, is a British industrial and metals company founded in the United Kingdom in 1992 by industrialist Sanjeev Gupta. It is headquartered in London, England, and has offices in Dubai, Singapore, and Hong Kong. The company is a subsidiary of Gupta's GFG Alliance. The holding company of Liberty Steel, Liberty House Group PTE Ltd is based in Singapore.
Liberty House was founded by Sanjeev Gupta in 1992, when he was a student at Cambridge University. Living on campus at Trinity College, he registered his company at the college. When this was discovered, he was asked to leave the residence.
In 2013, Liberty House Group (LHG) was a surprise buyer for a steel mill in Newport, South Wales, Mir Steel UK, that had got into financial difficulties. Companies owned by Gupta and his family went on to make further acquisitions in the UK. Together with the SIMEC Group, part of the GFG Alliance, Liberty purchased the Lochaber aluminium smelter plant as well as the Laggan Dam from Rio Tinto in November 2016. In February 2017, LHG agreed to purchase the specialty steel division of Tata Steel Europe for £100 million. The purchase included the division's facilities in Rotherham, Stocksbridge, and Brinsworth in South Yorkshire and Wednesbury in the West Midlands.
In July 2017, LHG purchased Australian steelmaker and iron ore miner Arrium, which owned Whyalla Steelworks in the town of Whyalla, South Australia, but had entered voluntary administration in April 2016. The steelworks had 3,000 employees, who had taken a 10% pay cut in order to make the sale more acceptable. Gupta paid A$700 million for this purchase. The company was rebadged LibertyOneSteel for the first year of ownership, later being renamed Liberty Steel.
In October 2019, GFG Alliance promised to merge its steel assets into Liberty Steel Group by year end.[needs update]
In 2020, LHG received European Union approval to purchase the plant of aluminium smelter operator Aleris in Duffel, Belgium, which cleared the way for the purchase of Aleris by Novelis.
On 4 January 2021, GFG Alliance completed the purchase of manganese smelter TEMCO in Bell Bay, Tasmania from South32 and Anglo American.
On 19 February 2021 ThyssenKrupp ended discussions with Liberty Steel, which had proposed to take over the former's steel unit. ThyssenKrupp had sought €1.5 billion for its steel assets but, given ThyssenKrupp's €960 million EBIT loss in 2020, Liberty had sought to acquire the unit for a reverse payment.
Liberty Steel Group
Liberty Steel Group Holdings UK Ltd (LSG), which is also referred to as Liberty House or Liberty House UK, is a British industrial and metals company founded in the United Kingdom in 1992 by industrialist Sanjeev Gupta. It is headquartered in London, England, and has offices in Dubai, Singapore, and Hong Kong. The company is a subsidiary of Gupta's GFG Alliance. The holding company of Liberty Steel, Liberty House Group PTE Ltd is based in Singapore.
Liberty House was founded by Sanjeev Gupta in 1992, when he was a student at Cambridge University. Living on campus at Trinity College, he registered his company at the college. When this was discovered, he was asked to leave the residence.
In 2013, Liberty House Group (LHG) was a surprise buyer for a steel mill in Newport, South Wales, Mir Steel UK, that had got into financial difficulties. Companies owned by Gupta and his family went on to make further acquisitions in the UK. Together with the SIMEC Group, part of the GFG Alliance, Liberty purchased the Lochaber aluminium smelter plant as well as the Laggan Dam from Rio Tinto in November 2016. In February 2017, LHG agreed to purchase the specialty steel division of Tata Steel Europe for £100 million. The purchase included the division's facilities in Rotherham, Stocksbridge, and Brinsworth in South Yorkshire and Wednesbury in the West Midlands.
In July 2017, LHG purchased Australian steelmaker and iron ore miner Arrium, which owned Whyalla Steelworks in the town of Whyalla, South Australia, but had entered voluntary administration in April 2016. The steelworks had 3,000 employees, who had taken a 10% pay cut in order to make the sale more acceptable. Gupta paid A$700 million for this purchase. The company was rebadged LibertyOneSteel for the first year of ownership, later being renamed Liberty Steel.
In October 2019, GFG Alliance promised to merge its steel assets into Liberty Steel Group by year end.[needs update]
In 2020, LHG received European Union approval to purchase the plant of aluminium smelter operator Aleris in Duffel, Belgium, which cleared the way for the purchase of Aleris by Novelis.
On 4 January 2021, GFG Alliance completed the purchase of manganese smelter TEMCO in Bell Bay, Tasmania from South32 and Anglo American.
On 19 February 2021 ThyssenKrupp ended discussions with Liberty Steel, which had proposed to take over the former's steel unit. ThyssenKrupp had sought €1.5 billion for its steel assets but, given ThyssenKrupp's €960 million EBIT loss in 2020, Liberty had sought to acquire the unit for a reverse payment.