In a statement Wednesday, the commission said it concluded that the overlaps between Liberty the company and the mills it is buying are limited and therefore will allow the sale to proceed. GFG is acquiring ArcelorMittal’s integrated plants in Romania and the Czech Republic. It also is buying finishing plants in Italy, Belgium, Luxembourg and North Macedonia.

“The divested production sites cover the whole value chain, from liquid steel manufacturing to the production of finished flat carbon steel products, including hot-rolled, cold-rolled and galvanized steel. Thus, the divestment includes not only finishing lines but capacity for the production of liquid steel at two integrated steelworks that are also able to expand their production,” the commission said. 

In conjunction with the announcement, the company said it will move to combine its new European mills with existing raw materials, engineering and steelmaking businesses in the United Kingdom and Australia. It owns Australia’s iconic Whyalla steelworks along with a number of high-quality iron ore and metallurgical coal mines there. It also owns engineering and steel operations in the U.K. 

Gupta said the acquisition will make the company Europe’s third-largest producer. 

“This combination will form a global champion, with fully integrated capabilities, shipping iron ore and coking coal and semi-finished product from Australia to its manufacturing plants and mills globally with the target of becoming one of the largest and most competitive fully integrated steel and mining producers in the world, from raw materials to high-value finished goods,” he said. 

Gupta said the new group will exclude his family’s recycling and building products businesses in Australia and the U.S.