Liberty Galati invests EUR 5.5 mln in its production facilities

GFG Alliance, the group that owns the Romanian steel mill Liberty Galati (formerly known as Sidex), allocated EUR 5.5 mln for an investment project at its Romanian subsidiary, the group announced while reporting on the progress made in terms of business restructuring and refinancing, Ziarul Financiar reported.

GFG's announcement of the progress of the restructuring and financing process comes after the group came to a standstill following the collapse of its main financier, Greensill Capital.

GFG Alliance, a group led by billionaire Sanjeev Gupta, previously announced a cumulative investment of EUR 1 billion in Galati for the "greening" of the steel plant and the replacement of classic furnaces with electric arc furnaces.

(Photo courtesy of the company)