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British company buys Keystone Steel and Wire

New York, NY - British Industrialist Sanjeev Gupta's GFG Alliance (GFG) is purchasing all outstanding stock in Keystone Consolidated Industries, Inc. 

The $320 million deal includes Keystone Steel and Wire in Peoria. It's expected to close on or before December 31. 

According to Keystone's website, it is one of the largest wire and rod mills in the United States, producing 700,000 tons of steel annually. According to the Greater Peoria Economic Development Council, it employees 1,300 people. 

“The Keystone acquisition is a core part of GFG’s GREENSTEEL vision to become a leading U.S. producer of high quality, cleanly produced steel,” said Sanjeev Gupta, executive chairman of Liberty and the GFG Alliance. “As we look ahead to the future, GFG will benefit from Keystone’s century-long history, its robust operations, and its reputation for producing top quality steel.”

This story will be updated.

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