Romania-based steel producer Liberty Galati has announced its financial results for the first quarter this year.
The company reported strong results for the given quarter with a turnover of RON 1.77 billion (€359 million) and EBITDA of RON 256 million (€52 million), the best quarterly results since 2008. Last year, Liberty Galati posted a turnover of almost RON 4.7 billion and EBITDA of RON 187 million.
The company is currently in the process of increasing its production, achieving steel shipments of around 531,000 mt in the first quarter this year. The company shipped almost two million mt of steel in 2020, despite the pandemic and the challenging European steel market.
The company has raised its production target for 2021 and is accelerating the planning for the strategic projects required to transform the plant to carbon neutrality by 2030. These projects include the installation of two electric arc furnaces, a direct reduced iron plant, a hydrogen production plant and solar and wind renewable energy fields.
The company forecasts that it will post stronger results for the second quarter this year.