Selling the assets of Romanian steel mill Liberty Galati, under insolvency since last March and not operating since last September, under a restructuring plan drafted by external management Euro Insol and CITRL remains uncertain since the tax collection agency ANAF reportedly refused to approve the plan and state-owned bank Exim Banca Romaneasca filed some objections, according to Europa Libera Romania, citing government spokesperson Ioana Dogioiu.

The potentially assets under sale are estimated at EUR 690 million, which would cover the EUR 662 million debt owed by the companies – out of which EUR 450 million to state institutions (mostly to Exim Banca Românească, EUR 292 million, and ANAF, approximately EUR 120 million). 

Prospective bidders are UMB Steel, controlled by the family of businessman Dorinel Umbrarescu, the international group of mining and metallurgical companies Metinvest BV, controlled by Ukrainian billionaire Rinat Akhmetov, VAN Company from Iraq, and Jindal Steel, the third largest steel producing company in India. The former two have carried out due diligence procedures.

"Depending on the responses [from ANAF and Exim Banca Romaneasca], an official vote will be cast on the final form of the plan by the deadline for negotiations on this issue," the government spokeswoman told Europa Libera Romania.

According to it, the deadline (January 26 this year) can be extended by another 30 days, if necessary.

"The Liberty Galați reorganisation plan has not been rejected; the negotiation period for the plan has not yet come to an end," Dogioiu emphasised the current situation.

With its main activity suspended since September 2025, at which time most of the 3,000 employees were placed on temporary unemployment, the Liberty Galați plant is going through the most delicate moment of its existence.

iulian@romania-insider.com

(Photo source: the company)