[ferro-alloys.com]Steel, base metals and mining group GFG Alliance said Wednesday its Liberty Steel USA subsidiary had completed the acquisition of US long steel maker Keystone Consolidated Industries for $320 million and also confirmed it intends to list the US business via an initial public offering on either NYSE or NASDAQ.

KCI and its subsidiaries consist of a 1.1 million mt/year electric arc furnace operation and various lines of value-added steel, including welded wire reinforcement mesh, agricultural wire fence - the RedBrand products, pre-stressed concrete strand, MBQ/SBQ bar and coiled rebar.

The enlarged Liberty Steel USA will have up to 1.8 million mt/year of EAF melting capacity plus downstream businesses. The combined operations will have over 1,300 employees and operations in Georgia, Illinois, New Mexico, Ohio, South Carolina and Texas.

GFG Alliance had an active 2018, making offers to acquire steelmakers, aluminum smelters and mines around the globe.

The most recent deal - completed in December - was the $500 million takeover of Europe's largest aluminum smelter, Rio Tinto's Dunkerque operations in France.

In November, ArcelorMittal agreed to sell six of its European steel assets to the company's Liberty House Group unit, with deal completion expected in the middle of 2019. The sale price and deal structure will not be disclosed until its completion.

Market chatter in late December also suggested an approach for one of the world's largest steel traders, Stemcor. GFG Alliance declined to comment when contacted Wednesday.

"Completion of the [Keystone] deal.... helps pave the way towards a proposed US IPO of Liberty Steel USA, which will be led by Credit Suisse," the company said in the statement.

"We are very pleased to be working with Wells Fargo, BMO Harris and BlackRock to help build this business. Their support will help us grow our platform in the North American steel value chain and other businesses. 2019 will be an exciting year as we plan to continue to grow our presence in North America and access the public markets." GFG Executive Chairman Sanjeev Gupta said in the statement.

(S&P Global Platts)

• [Editor:王可]