GFG Alliance to invest 2 billion euros in European steel operations

British-based conglomerate GFG Alliance will invest 2 billion euros ($2 billion), mostly in Romania and the Czech Republic, to modernize its emissions-heavy European steel plants and boost production, it said on Wednesday.

Some of the cash from commodities tycoon Sanjeev Gupta's GFG will go toward installing electric furnaces, which can reduce emissions by around 60%.

GFG Alliance will invest 1 billion euros in its Galati operations in Romania and 750 million euros at its Ostrava plant in the Czech Republic, a statement said. GFG Alliance did not give current output figures, but said Galati has capacity of 3.Asian Metal Copyright GFG Alliance will invest 1 billion euros in its Galati operations in Romania and 750 million euros at its Ostrava plant in the Czech Republic, a statement said.Asian Metal Copyright6 million tonnes and Ostrava of 3 million.

The Company said the remaining 250 million euros announced on Wednesday would be spread over its other European operations.

.Asian Metal Copyright6 million tonnes and Ostrava of 3 million.Asian Metal Copyright