Sanjeev Gupta’s Liberty Steel plans to invest more than US$443 million over the next five years in its newly acquired European mills, Liberty Steel chief executive Jon Bolton tells Bloomberg news service.
As Bloomberg reported, about half of the investment is to be allocated to its integrated mill in Romania. Liberty bought that mill and the other facilities from ArcelorMittal, which divested them to satisfy competition concerns arising from its acquisition of Italy’s ILVA.
In an unrelated development, the company’s Hartlepool pipe and tube mill has been awarded a contract to supply 16 km of line pipe for an off-shore Saudi Arabian oil and gas development.
Working with Sumitomo Corporation Middle East FZE, the company is to deliver the welded line pipe, which will be designed for sour service, in the last quarter of 2019. The customer is Saudi Aramco.
“Liberty is hopeful the prestigious Marjan fields contract will lead to further opportunities in Saudi Arabia and the wider Gulf region. Saudi Aramco is planning to boost the Marjan and Berri fields’ production capacity by 550,000 barrels per day of crude oil and 2.5 billion standard cubic feet a day of gas,” it said.
Source from AIST |
