On March 4, Radu Ionescu, the General Manager of Liberty Galati, a major Romanian steel producer, announced the initiation of a preventive process aimed at preserving the company’s long-term viability. This measure is designed to protect the future of the business and enable the resumption of operations at its Galati facility.
Ionescu explained that the decision to begin this process was driven by challenging market conditions, including the ongoing war in Ukraine, soaring energy prices, and a flood of cheap steel imports into the European Union. Furthermore, the new U.S. tariffs and the lack of effective EU responses have worsened the situation. The process will allow Liberty Galati to concentrate its financial resources on resuming production and increasing output to levels that are both profitable and sustainable in the future.
Currently, Liberty Galati is one of Romania’s largest steel producers, with an annual capacity of 3 million metric tons. The company also manufactures high-value steel, which is vital for infrastructure development in both Romania and Europe. Additionally, the company is strategically positioned to contribute to Ukraine's reconstruction efforts, which are expected to grow in the coming years.
Despite the pressures from rising energy costs and a surge in steel imports from outside the EU, Liberty Galati is confident that the proposed measures will help it navigate these challenging market conditions while improving agility and competitiveness moving forward.
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