RO subsidiary of Liberty Steel keeps expansion plans despite parent group’s troubles
Liberty Galati, the Romanian subsidiary of the troubled global Liberty Steel group, remains profitable and has not renounced expansion plans despite the financing problems faced by the parent group GFG Alliance, Ziarul Financiar reported.
All the investment plans at the Galati plant remain standing, and the group's current situation will not affect the activity at Liberty Galati, assured Ajay Aggarwal, member of the board of directors of the Liberty Galati plant and executive director of for operations in Central and Southern Europe GFG, the main shareholder.
In June 2020, GFG Alliance announced a EUR 1.2 bln investment plan at the Romanian plant to make it carbon-neutral within five years.
British group GFG Alliance, controlled by Sanjeev Gupta, took over the Romanian still mill from ArcelorMittal in 2018 in an international deal that also included other production assets. GFG Alliance now faces financing problems after Greensill, its main financier, went into insolvency.
(Photo courtesy of the company)