UK-based Indian-origin entrepreneur Sanjeev Gupta's Liberty House Group today announced an in- principal agreement to acquire ArcelorMittal's Georgetown Steelworks in South Carolina.
The proposed deal between Liberty House and NRI steel magnate Lakshmi N Mittal's US steelworks includes a 540,000- tonne a year electric arc furnace and 680,000-tonne a year rod mill.
The agreement is subject to agreement on final terms between the two parties and completion of due diligence by Liberty over the coming weeks, a joint statement said.
If completed as planned, the acquisition will give Liberty House the opportunity to reopen and revitalise business, which was an important part of the state s industrial infrastructure for 47 years before its closure in August 2015.
It would also mark the first significant step in Liberty's plan to make major investments in the US steel industry, the UK-based company said.
"This is a landmark day for Georgetown and its residents, particularly families with a previous stake in the steel industry who will now get a chance to rediscover what was lost. He explained: "This is a key first step for us in the US.