Steel Products
Acquisition of ArcelorMittal Georgetown Facility Delayed
Written by Sandy Williams
July 12, 2017
ArcelorMittal’s Georgetown steel mill may see new life under prospective owner Liberty House Group. A tentative deal has been reached with UK-based Liberty House to purchase the shuttered wire rod facility, but a completed purchase agreement has not been signed.
ArcelorMittal is working to reach a successful conclusion to the sale of the Georgetown facility, said an ArcelorMittal spokesperson, but the closing is on hold while Liberty seeks tax and other economic concessions from state officials.
“We want to have state incentives in place prior to the closing,” Gordon Spelich, a consultant with Liberty House Group, told the Georgetown Times.
ArcelorMittal shut down the Georgetown wire rod facility in May 2015 due to significant losses attributed to competition from foreign imports. During its active years, Georgetown produced 300,000 tons of product annually and employed more than 200 full-time workers.
The purchase would be Liberty House’s first steel mill acquisition in the United States.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
CRU tariff webinar replay now available
CRU’s latest webinar replay on how Trump’s tariffs affect the global steel market is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. You’ll find not only this special CRU webinar but also all past Community […]
US, offshore CRC prices diverge
US cold-rolled (CR) coil prices declined this week, slipping for the first time since early February. Most offshore markets deviated, moving higher this week.
Construction growth slowed in March on tariff woes: Dodge
The decline comes after reaching a record high in January to kickstart the year.
Return of S232 zapped gap between US and EU HR prices, Asian HR remains cheaper
Domestic hot-rolled (HR) coil prices declined this week for a third straight week. Most offshore markets bucked the trend and gained ground. Uncertainty in the US market around tariffs, especially after “Liberation Day,” caused US prices to slip as buyers moved to the sidelines. It’s unclear to date whether the 90-day pause on the more […]