British-based conglomerate GFG Alliance will invest 2 billion euros ($2 billion)...
LONDON - British-based conglomerate GFG Alliance will invest 2 billion euros , mostly in Romania and the Czech Republic, to modernize its emissions-heavy European steel plants and boost production, it said on Wednesday.
But it is also under pressure from investors worried about climate change when steel is responsible for an estimated 7% of all greenhouse gas emissions. The more flexible electric-powered mills, which can require less than half as much manpower, will not replace coal-fired furnaces, so no jobs are under threat for now, Neil Barrell, GFG global chief operating officer, told Reuters.
GFG did not give current output figures, but said Galati has capacity of 3.6 million tonnes and Ostrava of 3 million. An industry source, who declined to be named, said both mills were operating below capacity. Gupta, who heads the privately-held GFG Alliance, has snapped up steel assets around the world and made repeated offers to buy British Steel, which is being acquired by China’s Jingye Group.
It acquired assets in Romania, the Czech Republic, Italy, Belgium, Luxembourg and North Macedonia after the European Commission approved ArcelorMittal’s purchase of Ilva on condition it sold off some of its works.
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