ArcelorMittal's Georgetown steel mill may see new life under prospective owner Liberty House Group. A tentative deal has been reached with UK-based Liberty House to purchase the shuttered wire rod facility, but a completed purchase agreement has not been signed.
Acquisition of ArcelorMittal Georgetown Facility Delayed
ArcelorMittal is working to reach a successful conclusion to the sale of the Georgetown facility, said an ArcelorMittal spokesperson, but the closing is on hold while Liberty seeks tax and other economic concessions from state officials.
"We want to have state incentives in place prior to the closing," Gordon Spelich, a consultant with Liberty House Group, told the Georgetown Times.
ArcelorMittal shut down the Georgetown wire rod facility in May 2015 due to significant losses attributed to competition from foreign imports. During its active years, Georgetown produced 300,000 tons of product annually and employed more than 200 full-time workers.
The purchase would be Liberty House’s first steel mill acquisition in the United States.
Sandy Williams joined Steel Market Update as Editor and Writer in October 2012. She is a graduate of The University of Akron with degrees in Business Management, Public Relations and a masters in higher education administration. She has experience in writing, marketing, and event planning for non-profit organizations. Sandy edits the SMU newsletter and writes articles. For more information, email Sandy@SteelMarketUpdate.com.Website: www.SteelMarketUpdate.com