Liberty House, a privately-owned industrial conglomerate with revenue exceeding US$10 billion, said it plans to expand its steel business into the United States in 2018 to meet growing demand from markets like India and China.
The London company is currently finalising the purchase of a steel mill in the US with a capacity of under 1 million tonnes and aims to raise that next year to 5 million tonnes per year, said Sanjeev Gupta, Liberty chief executive.
“Demand for steel will continue as the world gets more and more organised and countries like India, for example, will be the next big user of steel,” he said. “China continues to be the biggest user of steel and it will continue to be so. The switch to a more consumer and services economy will create demand for more cars and fridges and those kinds of things.”
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Read More:
Liberty House in talks to buy Tata UK speciality steel business
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Mr Gupta said the company's revenues this year exceeded $10 billion from more than $6 billion last year and that he expects further growth in those numbers next year.
The entrepreneur made a name for himself through bold plans that transformed the fortunes of UK steel. He snapped up distressed businesses and replaced iron ore furnaces with more efficient "green" mills that recycle scrap steel. The companies acquired would then use the steel products in a range of "value-added" businesses. These include the Caparo Industries steel products firm he acquired from administrators in 2015 and a business producing steel towers and wind pylons for offshore projects at newly acquired sites in Scotland.
Earlier this year, Liberty acquired a speciality steel operation from Tata Steel UK, a unit of India's Tata Steel, for £100 million (Dh458m). The deal secured the jobs of 1,700 steel workers at major production facilities in Rotherham and Stockbridge, a mill in Brinsworth and at service centres in Wednesbury and Bolton.
The conglomerate is expanding into other businesses including aluminium which is increasingly being used in cars.
"We believe that aluminium is the metal of the future and it is very allied to the steel sector," Mr Gupta said.
The business man said he had no plans at the moment to sell shares to the public but that he might IPO subsidiary businesses next year to test the waters, most likely in one of his energy businesses. He said he doesn't need the cash but wouldn't mind having some on the side.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The view from The National
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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COMPANY%20PROFILE
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
Villains
Queens of the Stone Age
Matador
