Steel mogul swoops in for three more sites as European portfolio grows

British industrialist mogul Sanjeev Gupta has snapped up three more European steel plants, as his spending spree across the continent shows no sign of slowing down.

Gupta has bought three steelworks from ArcelorMittal, located in Belgium and Luxembourg, weeks after acquiring four other sites in Romania, Czech Republic, Macedonia and Italy.

The landmark transactions come as part of the entrepreneur’s ambitious plans to make his London-based firm Liberty a major player within Europe’s steel industry.

The news is likely to reinforce Gupta’s reputation as a rapid dealmaker, having risen to prominence within the last three years after building an industrial empire that makes more than £10bn in turnover and employ tens of thousands of people.

Referring to the plants in Belgium and Luxembourg, Gupta said: “These are high quality, landmark assets with skilled and experienced workforces that we are looking forward to welcoming into the worldwide GFG fold. Our aim will be to develop close working relationships with respective governments, trade unions and other local stakeholders in Belgium and Luxembourg to optimise and improve the value of these historic assets that are important for the regional and national economies.”

Both deals are subject to approval by the European Commission and other local processes including the conclusion of information consultations with local and European Works Councils.