Global industrial and metals group, Liberty House, has reached an agreement in principle with ArcelorMittal to purchase Georgetown Steelworks in South Carolina, including its 600,000-ton a year electric arc furnace and 750,000-ton a year rod mill.
The proposed deal, which follows several months of discussion, is subject to agreement on final terms between the two parties and completion of due diligence by Liberty over the coming weeks.
If completed as planned, the acquisition will give Liberty the opportunity to reopen and revitalize this pivotal business, which was an important part of the state’s industrial infrastructure for 47 years before its closure in August 2015. It would also mark the first significant step in Liberty’s plan to make major investments in the US steel industry.
Liberty House has also been in discussion with the United Steelworkers and is confident that the union will support and assist in the process of recruiting a workforce to re-open the plant and rebuild the business.
