ArcelorMittal of India, the world’s largest steelmaker, has completed the sale of its Czech unit in Ostrava to Liberty House.
The steelworks’ new owner, Indian billionaire Sanjeev Gupta, has pledged not to cut production or close down the plant, which employs more than 7,200 people in a region with high unemployment.
Czech union leaders had claimed that Liberty House’s plans for the developing the steelworks were unsustainable and inconsistent with EU requirements.
The union OS KOVO argues Liberty House has failed to meet EU criteria in several key requirements, among them that the buyer be independent and unconnected to the vendor and have the money and know-how to ensure the business remains viable.
Measures taken as over 60 percent of Czech Republic hit by extreme drought
Barbora Strýcová, 33, in “best form” ahead of Wimbledon semi-final against Serena Williams
Beer, schnitzel and mushroom picking – unique set of emojis captures Czech soul
Gene Deitch, Part 1: The Oscar-winning US animator who made Tom and Jerry cartoons in communist Prague
Holocaust child survivor’s dream of building memorial to child victims of the Holocaust comes true