GFG Alliance Acquires Keystone Consolidated Industries
GFG Alliance (GFG) of the U.K. signed a binding agreement to purchase all of the outstanding stock in Keystone Consolidated Industries Inc. (KCI) from Contran Corp. Under terms of the deal, GFG Alliance company Liberty Steel USA will acquire KCI, including all of its subsidiaries, for $320 million. The deal includes Keystone Steel and Wire, a division of KCI that has been in the steel and steel products business for over 100 years. Liberty Steel USA will also add a wire-rod facility with a 1.1-million-ton-capacity electric-arc furnace (EAF), an MBQ/SBQ bar mill, three welded-wire reinforcement-mesh facilities and a PC strand facility.
The acquisition will make Liberty Steel one of the leading producers of wire rod in the U.S. Liberty Steel USA will now have up to 1.8 million tons per year of EAF melting capacity, 2 million tons per year of wire-rod rolling capacity, significant value-added downstream businesses and over 1,300 employees. The combined company will have operations in Illinois, Ohio, South Carolina, New Mexico, Texas and Georgia.