Acquisition to save 250 steel jobs
250 steel industry jobs in the West Midlands could be saved after GFG Alliance bought Singapore-based Aartee Group Pte.
GFG Alliance is the family group of steel magnate Sanjeev Gupta, and it has acquired Aartee Group, which is a shareholder in two companies – Aartee Bright Bar Ltd and Aartee Bright Bar Property Ltd – which went into administration two weeks ago following a creditor dispute.
However GFG Alliance has filed an application to challenge the administration, and will seek to restart operations.
GFG said it has provided funding to cover wages for four weeks to prevent a reduction in jobs expected under the administration.
Aartee is headquartered in Willenhall and has sites in Dudley, Rugby, Southampton and Newport.
Aartee Bright Bar was created after Aar Tee acquired Acenta Steel in 2018. Following the acquisition, Aartee Bright Bar formed and began supplying engineering steel products to Liberty Steel, owned by GFG Alliance.
GFG Alliance’s chief transformation officer Jeffrey Kabel said: “ABB is a significant part of the UK’s steel supply chain and distribution network, and a key customer for GFG’s bar products produced in Rotherham by LIBERTY.
“Our rescue plan would save 250 viable steel jobs in the West Midlands and across the UK. Over time ABB’s business would be integrated into LIBERTY’s operations helping to reinforce our UK transformation plan focused on producing specialist steel products.”
GFG Alliance employs 35,000 people in 30 countries mainly through three brands – LIBERTY Steel Group, ALVANCE Aluminium Group and SIMEC Energy Group. It also has investments in financial services, property and other specialist businesses.
