According to a statement by Liberty House Group, the international steel and minerals group which operates from its three hubs in London, Dubai and Singapore, the company has acquired 76% stake in UAE based stainless steel producer International Quality Steel along with Indian power producer and commodity trader Ushdev International Limited and Indian stainless and specialty steel producer Indian Steel Works.

The current owners ANC Holdings will retain 24% stake in the new entity which will be renamed as Liberty UI Stainless LCC. The plant based in Dubai Free Zone has an annual production capacity of 100,000 tonnes of liquid steel which are cast in billets ranging from 100 mm to 160mm. At the moment, IQS is understood to be supplying its stainless steel products as far as South Korea and that it is selling carbon steel to local rerollers in the UAE.

Mr Sanjeev Gupta MD of Liberty House said that "We are excited to be entering the stainless steel business with the core partnership of Liberty, Ushdev International, Indian Steel Works and ANC Holdings."

A new company, Liberty UI Stainless Marketing DMCC is also being launched in Dubai to handle all raw material procurement. A rolling mill and bright bar plant will be installed next year to further extend Liberty UI Stainless LCC's reach into the global stainless steel market.

(Sourced from SteelOrbis)
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