Liberty House Group has acquired a 76% stake in UAE-based stainless steel producer International Quality Steel (IQS) in addition to Indian power producer and commodity trader Ushdev International Ltd and Indian stainless and speciality steel producer Indian Steel Works (ISW). ANC Holdings, the current owners, will retain a 24% stake in the new company which will be renamed Liberty UI Stainless LCC. Based in Dubai Free Zone, the plant has an annual production capacity of 100,000mt of liquid steel which are cast in billets ranging from 100 to 160mm. A new company, Liberty UI Stainless Marketing DMCC, is also being launched in Dubai to handle all raw material procurement. A rolling mill and bright bar plant will also be built in 2012 to further extend Liberty UI Stainless LCC’s reach into the global stainless steel market.
By: Ryan Taylor