GEORGETOWN, S.C. (WCBD) — The Georgetown Steel Mill may soon re-open.
Liberty House has reached an agreement with ArcelorMittal to purchase Georgetown Steelworks in S.C., including its electric arc furnace and 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.
“We have achieved our goal of identifying a purchaser with extensive steel experience and a commitment to returning this site to its steelmaking capability,” John Brett, president, and CEO of ArcelorMittal USA said. “We hope the community will welcome this opportunity that will preserve the facility and equipment and create good jobs with good wages.”
If completed as planned, the acquisition will give Liberty the opportunity to reopen and revitalize the business. It would also mark the first significant step in Liberty’s plan to make major investments in the US steel industry.
“Acquiring the plant at Georgetown, with its ability to recycle scrap steel in an arc furnace, gives us a strong platform from which to launch our strategy in the USA,” Executive chairman of the Liberty House Group, Sanjeev Gupta said. “We’re confident that, with the right support from the community and authorities, we can make Georgetown and other US steel plants competitive profitable and sustainable.”
Terms of the proposed deal were not disclosed.