indica News Bureau-
Indian metal giant Liberty Steel, part of the GFG alliance and owned by Sanjeev Gupta, acquired Johnstown Wire Technologies, North America’s biggest producer of value-added carbon and alloy wire on June 11.
“Sanjeev Gupta’s Liberty Steel, part of the global GFG Alliance, further expanded its footprint in the US steel downstream products market with the acquisition of Johnstown Wire Technologies (JWT) in Johnstown, Pennsylvania,” the firm said in a statement.
The acquisition will provide Liberty Steel with the resources and capacity to produce a range of valuable carbon and alloy wire goods for numerous end markets including utility, infrastructure, automotive and consumers, as per the statement.
North America’s Chief Investment Officer for GFG , Grant Quasha, said, “This is another very significant step towards our ambitious U.S. goals. JWT is a profitable business with a skilled workforce and tremendous pedigree in the industry, so we look forward to welcoming it into the GFG USA family and helping it build an even stronger future.”
Liberty Steel’s existing operations at Georgetown, South Carolina, Peoria, Illinois and its scrap processing plant in Florida will now be enhanced and added to by the advanced manufacturing plant at Johnstown, containing 250 workers.
The acquisition of another milestone by Liberty Group towards becoming a leader in the market for American wire rods.
The Johnstown plant has an area of 638,000 foot and has been a pioneer in the production of the kinds of steel that are required to update old and aging infrastructure including electro-galvanized, aluminized and spring wire.
Gupta remarked, “It’s a great pleasure to welcome 250 highly-skilled new members to our family. Integration upstream and downstream with value-added product manufacturing is an absolute core to our US steel strategy. The addition of high-quality specialized facilities at Johnstown further strengthens our existing facilities at Georgetown and Peoria,”
Meanwhile, President and CEO of Johnstown Wire Technologies, Jack Miller, said, “We are excited to be joining the GFG family of global businesses and see this as a tremendous opportunity to further our position as a leading manufacturer of steel wire in North America.”