Liberty Steel confirms EUR 200 mln investment in Romanian unit

Liberty Steel, the steel manufacturing arm of GFG group controlled by Indian billionaire Sanjeev Gupta, confirmed an investment plan of EUR 200 million over the next five years at the Galati steel plant, which Liberty Steel took over this year as part of a global deal with ArcelorMittal group, Ziarul Financiar reported.

Gupta attended a ceremony at the Galati steel plant on September 19.

The production volume at Liberty Galati will already increase this year to over 2.1 million tonnes, from around 1.7 million tonnes in 2018, mainly based on stronger exports to Eastern European markets.

Liberty Galaţi was purchased in early July, along with six other steel production units and five service centers in seven European countries. The EUR 740 million deal made Liberty Steel one of the top ten steel producers worldwide, with the exception of China, with a total rolling capacity of over 18 million tonnes covering a wide range of finished products.

"I am extremely proud to receive thousands of qualified and dedicated employees from Galaţi in the GFG family. We have committed to a long-term investment program in Romania. We look forward to working closely with the task force of government members to help us continue to contribute to the development of the company, to the economic well-being of its employees, local communities and Romania," said GFG CEO Sanjeev Gupta.

(Photo source: the company)