[Ferro-Alloys.com] LIBERTY Steel has restarted the first phase of production at Adhunik Metaliks Ltd and Zion Steel following the acquisition of the steel businesses in February 2020. The restart has been achieved in just six months following intensive work to prepare the site for their return to steelmaking operations after the previous owner fell into administration.

Adhunik is an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha. The plant has sponge iron facility, blast furnace and electric arc furnace steel making capability with 0.5 million tonnes per annum capacity, ferroalloy plant and a 34MW captive power plant. The sites produce alloy steel products for the automotive, energy, engineering and oil & gas sectors besides participating in the commodity market of sponge iron and billets.

Russian steel maker PJSC Magnitogorsk Iron & Steel Works announced its financial results for Q3 and 9M 2020. MMK CEO Mr Pavel Shilyaev said “The gradual global economic recovery trend that emerged in mid-Q2 continued into Q3 amid vigorous efforts by national authorities around the globe. In Russia, for instance, the government quickly provided assistance to the sectors of economy most affected by the pandemic, as well as introduced measures to support real disposable household income to give the necessary impetus for further economic recovery despite the still looming threat of the COVID-19 pandemic. In this respect, I would like to stress that MMK maintains a strong focus on taking all necessary measures to protect the health of the Group's workers and employees and ensuring the continuity of all business processes.”