BREAKING NEWS
This content is not available in your region

EU to decide by July 9 on ArcelorMittal bid for Liberty Steel France

Access to the comments Comments
EU to decide by July 9 on ArcelorMittal bid for Liberty Steel France
EU to decide by July 9 on ArcelorMittal bid for Liberty Steel France   -   Copyright  Thomson Reuters 2021
Text size Aa Aa

BRUSSELS – European Union antitrust regulators will decide by July 9 whether to clear world No. 1 steelmaker ArcelorMittal’s bid for two French steel plants belonging to Sanjeev Gupta’s Liberty Steel, according to a European Commission filing.

ArcelorMittal on June 4 sought EU approval to buy the majority of shares in Liberty Steel France or its assets whose two main ones are rail maker Liberty Rail in Hayange and steel producer Liberty Ascoval in Saint-Saulve.

The EU competition watchdog can either clear the deal with or without conditions or it can open a four-month long investigation if it has serious concerns.

Liberty Steel is part of the Gupta Family Group Alliance (GFG). Gupta has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March.

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.