The European Commission has approved Liberty House Group as a suitable purchaser of several ArcelorMittal steel plants under the EU Merger Regulation.
Liberty House Group is a private group that is active in commodities, metals recycling, and the manufacture of steel, aluminium, and engineering products. Although registered in Singapore, Liberty House Group is headquartered in London. ArcelorMittal manufactures and sells primarily flat carbon steel and operates a whole range of production sites throughout Europe and is part of the global ArcelorMittal group. The largest shareholder of the company is the Mittal family of India, with just under 40% of the total shares of the company.
Back in May 2018, the Commission conditionally approved ArcelorMittal’s acquisition of Ilva. The condition upon the fulfilment, of which the acquisition was contingent, was that ArcelorMittal must sell a conglomeration of steel plant assets to a relevant purchaser. ArcelorMittal was the initial proposer of this divestiture, the main aim of which was to adequately address the Commission’s concerns regarding ensuring efficient competitiveness in the European single market.
The conglomeration that Arcelor Mittal committed to in this divestiture consists of an integrated steelworks production site in Galati, Romania and an integrated steelworks production site in Ostrava, Czech Republic, as well as plants in Italy, Belgium, Luxembourg, and North Macedonia that have yet to be finished.