A PYMNTS Company

EU To Decide This Week On ArcelorMittal Bid For Liberty Steel France

By  |  June 8, 2021

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, reported Reuters.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    On June 4, ArcelorMittal 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. Gupta has been scrambling to refinance his international web of businesses in steel, aluminum, and energy after supply chain finance firm Greensill filed for insolvency in March.

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.