On March 4, Romanian steel producer Liberty Galati's general manager Radu Ionescu announced that the company has begun a preventive procedure, according to which it will seek to preserve the business's long-term viability, protect the company's future, and resume production operations in Galati.
“In the current market context, affected by the prolonged war in Ukraine, huge energy prices and cheap imports flooding the European Union, and in the context of the new US tariffs and the lack of real EU measures, the new process will allow Liberty Galati to focus all the financial resources at our disposal to resume operations and increase production up to a level that is profitable and sustainable going forward,” the general manager stated.
At the moment, Liberty Galati, one of Romania’s biggest steel producers, can produce 3 million metric tons of steel annually. The firm also produces high-value steel, which is critical for the development of infrastructure in Romania and Europe. Meanwhile, it is also well-positioned to assist with Ukraine’s rebuilding activities, which are projected to increase in the future.
Although Liberty Galati’s competitiveness has been hurt by growing energy costs and massive imports of steel from outside the EU, the company is expected to manage the unfavorable market conditions while also enhancing and increasing its agility with the aid of the proposal put forward.