Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Control and ownership of GFG Alliance’s Duffel rolling mill is under legal proceedings following a legal suit filed by one of its lenders, American Industrial Partners (AIP), after Greensill backed out. 


While Glencore is vying to refinance the $500mn mill and its accompanying French smelter in Dunkirk, AIP wants to close a deal itself, per media reports. Sources familiar with the matter said that the legal battle could result in AIP gaining control of the Duffel facility, while Gupta will most likely retain Dunkirk. 


Gupta is also in discussions with Trafigura about continued trading from Dunkirk and Duffel, offering a hedging facility to mitigate risks. GFG maintains that it will “fully cooperate” with the probe initiated by the UK’s Serious Fraud Office over this suit. 

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