Liberty Steel to invest EUR 200 mln in Romania’s biggest steel plant
The new owner of the Romanian integrated steel mill formerly known as ArcellorMittal Galati (or Sidex, before the privatisation), Liberty Steel, wants to invest EUR 200 million in its newly acquired plant, Economica.net informed quoting Bloomberg.
Liberty Steel general manager Jon Bolton said that, over the next five years, the group plans to invest over EUR 400 million in the seven steel plants it acquired from ArcelorMittal, in order to maintain the capabilities, expand the product range, and create more high quality products.
Bolton stressed that almost half of these investments will be made at the plant in Galati, as the growth prospects in Romania are better than in other parts of Europe.
"We are continuously evaluating how international trade conditions affect our operations, but we believe that our operations in mainland Europe are well positioned to deal with any negative impact. We expect the key markets for the operations we have recently acquired in Europe to record performances above the European average, for example Romania will increase by 3.1%," said Bolton.
In July this year, Liberty Steel paid EUR 740 million to take over a number of steelworkers in the Czech Republic, Romania, North Macedonia, Italy and Belgium from the ArcelorMittal group.
(Photo courtesy of company)