GFG Alliance completes its 100 day strategic review of LIBERTY Skopje and pledges €25 million long term investment

• €25 million long term investment to create the region’s leading steel business
• Major investment in the speed and efficiency of the plant’s organic coating and galvanising lines
• Commitment to be Carbon Neutral by 2030 (“CN30”)

Following the completion of a 100 Day Strategic Review GFG Alliance has today announced plans to transform LIBERTY Skopje into the leading steel business partner in the region and kick start its journey to carbon neutrality. The €25 million investment package includes plans for major upgrades to increase capacity and shorten paint change time on its core production lines, as well as investing in productivity enhancements to speed up its key cutting and shearing lines.

Commenting on the announcement, Sanjeev Gupta, GFG Alliance Executive Chairman, said: “Through this substantial investment package we are preparing LIBERTY Skopje to be the leading steel business partner in the region and kick starting its journey to carbon neutrality which we aim to achieve by 2030. Our focus is on making major upgrades that will significantly extend our product offering, reduce emissions and provide greater operational flexibility. Our strategy will ensure LIBERTY Skopje is competitive and sustainable over the long term so it can reinvest and continue to provide high quality local employment for generations to come.”

Through these investments LIBERTY Skopje will make the business more sustainable both economically and environmentally, through installing a new shuttle-coater on its primary organic coated steel line to increase capacity and shorten paint change time as well as investing in the speeding up of a number of its key cutting and shearing lines.

Wolfgang Maringer, Managing Director of Liberty Skopje, said: “We have worked hard to develop our long-term plan while tackling the significant, short term market difficulties and integrating with LIBERTY’s global steel business. I have been very impressed with the commitment everyone has shown and look forward to working with the skilled and engaged employees at LIBERTY Skopje to make us the strongest steel business partner across our region, by offering customers reliable, flexible and innovative products.”

Since acquiring the business in July 2019 GFG Alliance has provided significant financial support and senior management resource to LIBERTY Skopje which has delivered a range of operational improvements, including the upgrading of some of the plant’s infrastructure.
The business has also implemented innovative new programmes to enable employees and management to collaborate with each other to identify opportunities and implement change.

Neil Barrell, GFG Alliance Global Chief Operating Officer said: “Since we acquired the business in July last year we’ve worked closely with the team in LIBERTY Skopje to understand the business in detail and implement a range of initiatives as well as identifying opportunities to install energy-improvement projects. These changes together with the transformational investment programme we’re announcing today will greatly enhance our operational performance and help deliver our carbon neutral plans. I look forward to working with Wolfgang and his team to help realise LIBERTY Skopje’s potential.”

LIBERTY Skopje continues its integration into LIBERTY Steel Group’s international business, which now covers 200 manufacturing locations in 10 countries, making it the 8th largest steel company outside China.