The takeover was confirmed by both sides on Monday morning, following the European Commission's approval of the deal. Among the seven sites that ArcelorMittal has sold to Liberty steel is the former Galvalange site in Dudelange.
Other sites involved in the deal include two factories near Liège, steelworks in Italy, and three sites in Eastern Europe. Liberty Steel forms part of the global GFG Alliance, which employs more than 30,000 people in more than 30 countries.
ArcelorMittal sold the seven sites in order to purchase the Italian Ilva group, as the European Commission otherwise would not have approved the purchase for competition purposes.
ArcelorMittal completes sale of several European steelmaking assets to Liberty House Group
ArcelorMittal (‘the Company’) announces that yesterday it completed the sale to Liberty House Group (‘Liberty’) of several steelmaking assets that form the divestment package the Company agreed with the European Commission (‘EC’) during its merger control investigation into the Company’s acquisition of Ilva S.p.A.
Assets included within the divestment package are: ArcelorMittal Ostrava (Czech Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia), ArcelorMittal Piombino (Italy), ArcelorMittal Dudelange (Luxembourg) and several finishing lines at ArcelorMittal Liège (Belgium).
The total net consideration for the assets payable to ArcelorMittal is €740 million. €610 million was received on 28 June. The Company is required to deposit €110 million in escrow to be used by Liberty for certain capital expenditure projects as part of the EC approval process.
