The GFG Group and Tata Steel have called a truce over the litigation by the latter against Liberty Specialty Steels, Specialty Steel UK, and Liberty House Group.
The Indian steelmaker had sued GFG earlier this year, alleging non-payment by the GFG Group companies in relation to Tata Steel’s sale of Specialty Steel to Liberty in 2017.
GFG said in an update on Aug 5 that both the conglomerates had agreed to mutually end the lawsuit.
Moreover, Liberty Steel UK has developed a new organizational structure with Subhajit Roy Chowdhury at the helm of operations at the restructured entity.
The new structure, GFG noted, aims to build Liberty Steel UK into a 2mn mt Green steel business while separating the operations of its Stocksbridge, Performance Steel, and Brinsworth Narrow Strip mills.
Giving an update on its UK operations, the group noted that its Newport mill’s profitability had improved over last year and that the company continued to engage with the UK government committee that was looking into an inquiry on Liberty Steel and its assets in the country.
The group has also appointed its first distributor for powder metals in the UK and Ireland markets to grow its network for this product in the country and allow customers to benefit from faster turnaround times.