We believe in steel

That’s why we seek a combination of our steel activities with thyssenkrupp Steel. It’s the right answer to the industry’s challenges and potential.

“European steel faces an existential challenge. But I truly believe in the future of steel. It has a place in our lives and it has a place in Europe. Together with thyssenkrupp Steel we can accelerate the transition to GREENSTEEL. We complement each other’s businesses and share the same values of family and sustainability. Without the short-term approach of stock markets, we will give steel the time it needs for the historic transformation ahead of us.”

Sanjeev Gupta, founder of GFG Alliance and CEO of LIBERTY Steel Group

thyssenkrupp Steel & LIBERTY Steel is the right answer from an economic, social and environmental perspective.

Economic

Complementary businesses

There is potential for a compelling industrial concept given that the businesses are complementary with respect to assets, product lines, customers, and geographic footprint. For example, we may make better use of existing capacities to boost utilization.

Social

Long-term commitment to the industry and jobs

LIBERTY Steel stands for a long-term commitment to the industry and jobs reflecting the values of a family-owned company. At LIBERTY Steel we are convinced that change needs to happen in partnership with employees. LIBERTY Steel has repeatedly proven to turn around businesses in a way that is loyal to local communities and saves jobs.

Environmental

A European approach to GREENSTEEL

We are a leader in sustainable industry with a mission to become Carbon Neutral by 2030. But to transform a whole industry we need a European approach to it. Emissions cross borders and so should we. Together, we would be well positioned to create the sustainable GREENSTEEL industry leader in Europe. We will thereby contribute to the long-term recovery of the sector and the EU’s green deal.

EU Map LIBERTY STEEL Group

Please note that not all sites are depicted

LIBERTY Steel Group is a global steel company and part of GFG Alliance, both founded and led by Sanjeev Gupta, a 3rd generation steel entrepreneur.

Sanjeev Gupta started his business in 1992 while studying at Cambridge University. He gradually developed it into a global business focused on steel,
aluminum, and renewable energy. Today, the steel business alone employs over 30,000 people across more than 200 locations on four continents with annual revenues of about US$ 15 bn/ € 13 bn.

GFG Alliance is a leader in sustainable industry with a mission to become Carbon Neutral by 2030. To do so, it has spent over €5bn acquiring and investing in companies – just in the last five years.

With that transformation experience and its entrepreneurial approach, the combination of LIBERTY Steel and thyssenkrupp Steel will create a strong group well positioned to tackle the challenges faced by the European steel industry and accelerate the transformation to GREENSTEEL.

Questions & Answers

What is a non-binding indicative offer (NBIO)? What are the next steps?

It is an expression of interest and an offer that is subject to certain assumption about the business. The NBIO was submitted as requested by thyssenkrupp. The NBIO is supported by a number of financial institutions.

Given the opportunity to proceed in the transaction process, LIBERTY Steel is open to intensify the dialogue with thyssenkrupp and would like to seek further due diligence to present a potential binding offer.

Discussions with thyssenkrupp have been conducted on a non-exclusive basis, and there is no certainty that the discussions will lead to any agreement or transaction. In order to present a potential binding offer the dialogue with thyssenkrupp would need to be intensified and further due diligence to be done.

Who is Sanjeev Gupta?

Sanjeev is a 3rd generation steel entrepreneur, international industrialist and the Executive Chairman of GFG Alliance, which includes LIBERTY Steel. He holds an MA in Economics and Management from the University of Cambridge. Sanjeev is supported by an accomplished and experienced global leadership team with responsibilities across GFG’s industry brands and key functional areas. Together they bring to life GFG’s core values of change, family and sustainability in working together as a networked and collaborative team.

What does it mean for thyssenkrupp’s German sites and the jobs there?

Germany is the industrial powerhouse and heart of Europe and therefore it is only right that it will also be the heart of our steel business. The values of Change, Family and Sustainability shape our corporate culture – and represent the company’s commitment to employees and their communities over the long term. We have proven our commitment to sites, industrial jobs, and communities, based on our family values. Of course, we will enter into discussions with the various stakeholders during the next phase of the process and, following a more detailed due diligence, will work constructively towards reaching a responsible plan for the future.

Is Liberty Steel/GFG able to carry out such a transaction?

Having spent over €5bn for acquiring and investing in companies just in the last five years, we have a proven track record in transforming industrial assets. We have the management experience and the financial backing to carry out such a transaction.

Can you explain your GREENSTEEL strategy?

It is basically our commitment to become carbon neutral by 2030. An example is Romania where the government, the local energy producer and other institutions have been highly supportive of our plans to create a GREENSTEEL flagship at LIBERTY Galati through the installation of Two Electric Arc Furnaces and a Direct Reduced Iron plant, which will initially use natural gas as a reductant before transitioning to using hydrogen. Currently, LIBERTY is actively pursuing GREENSTEEL across all its plants. You can read more here.

Previous attempts of thyssenkrupp to merge their steel activities failed due to merger control concerns in Brussel. Do you expect a green light?

This question will ultimately be evaluated by the European Commission. At this stage, however, and based on the preliminary analysis conducted, we have no reason to consider that material competition concerns would arise, particularly given the complementary product and production footprints. Our competition assessment will be firmed up during the next phase of the process.

What would happen to the strategy 20-30 of thyssenkrupp Steel?

We are in very early stage discussions. But in general, we see a great strategic fit between LIBERTY Steel and thyssenkrupp Steel as we are both working towards the GREENSTEEL transformation with full speed.

LIBERTY Steel Group makes an offer to acquire thyssenkrupp Steel Europe

LIBERTY Steel Group has today announced that it has made a non-binding indicative offer (NBIO) as part of a thyssenkrupp-led process to acquire the steel activities of thyssenkrupp

Read the Press release

Sanjeev Gupta's Keynote speech at the LME Metals Seminar 2020

Sanjeev Gupta made the keynote speech at the LME Metals Seminar 2020, highlighting the steps that we are taking to reach our CN30 target across our three industry pillars – LIBERTY Steel Group, ALVANCE Aluminium Group and SIMEC

Find out more

Media Contacts

Folker Dries

Spokesperson – Germany

Andrew Mitchell

Media Relations – United Kingdom

Paddy Toyne-Sewell

Head of Communications – Europe