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2/19, 8:33 AM (Source: TeleTrader)
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GFG Alliance invests €2B in modernizing steel plants

British conglomerate Gupta Family Group Alliance (GFG) said on Wednesday it plans to invest around €2 billion in order to modernize emissions-heavy European steel plants and boost production in Romania and the Czech Republic.

Investors in this sector have been worried about the impact of coronavirus as well as for climate change where steel stands liable to approximately 7% of all greenhouse gas emissions. Per the statement, GFG will give €1 billion to its Galati operations in Romania and the next €750 million to the Ostrava plant in the Czech Republic.

GFG global chief operating officer Neil Barrell commented that "in the short term... the two plants will run in tandem, so we wouldn’t need to embark on any labor conversations."

Breaking the News / TF