What is happening: The US steel company Keystone Consolidated Industries Inc is being bought up by UK investor Sanjeev Gupta and his GFG Alliance.
Why is this happening: GFG are looking to tap into the scrap metal produced by the US that is often exported. They want to take these scraps and turn them into steel.
Streamlined: The scraps are usually exported, turned into steel, and then sold back to America. Gupta wants to continue this trend, but sees no reason why the transformation cannot happen within the US, rather than exhausting money and resources shipping it in and out.
GFG: This new deal follows a purchase last year of a South Carolina steelworks by GFG. The company will now combine this with Keystone and other NA facilities to achieve the scrap to steel goal.