GFG Alliance to form steel major with environment in mind

Sanjeev Gupta’s GFG Alliance plans to merge all of its steel businesses into a single entity and decarbonise it by 2030, relying on clean technologies and renewables, as well as carbon capture and storage.

It expects to incorporate the so-called Liberty Steel Group by the end of the year in order to house GFG’s upstream and downstream steel manufacturing, mining and distribution businesses around the world. The new company will have 18 million tonnes of rolled steel capacity and rank as the eighth largest steel producer outside China, according to the announcement.

Liberty Steel Group will follow GFG’s existing GREENSTEEL strategy and try to become the first steel company to achieve a carbon neutral status by the end of next decade. GFG noted that the steel group would use green hydrogen to manufacture steel and, rather than producing all material from scratch, would utilise electric arc furnaces to recycle scrap steel.

GFG named the Cultana solar farm in Australia, Glenshero wind farm in Scotland and Newport waste-to-energy project in Wales as some of the renewable energy projects within its portfolio. The group will take part in the development of various forms of renewables through SIMEC Energy, it said.

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