Despite the auction scheduled for March 12 as part of the restructuring process of Liberty Galati, the planned sale of the Romanian integrated steel producer has not materialized, as no bidders ultimately participated in the procedure. The assets of Liberty Galati, together with Liberty Tubular Products Galati, had been offered through an international auction with a starting price of around €709.1 million. However, despite earlier indications of interest from several potential investors, no binding offers were submitted, leaving the future ownership of the steelworks uncertain for the time being.
Liberty Galati, Romania’s largest integrated steel producer with an annual crude steel production capacity of around three million mt, has been facing prolonged financial and operational difficulties. The plant has remained largely idle since mid-2024, when production was halted due to financial constraints and rising operational costs. The continued inactivity has also had significant social implications, as many employees are reported to have experienced long delays in salary payments. In recent months, workers have organized sporadic protests and demonstrations, demanding the payment of overdue wages and greater clarity regarding the future of the plant.
The challenges facing Liberty Steel operations in Europe have also extended beyond Romania. In Belgium, the Liberty Steel facility in Liege was declared bankrupt after production had been suspended for an extended period. As a result, several hundred workers lost their jobs. Unlike the situation in Romania, the affected workers in Belgium are expected to receive financial support, as the European Union has proposed funding of around €2 million through the European Globalization Adjustment Fund to assist them with retraining and reintegration into the labor market.
Against this backdrop, market participants continue to closely monitor developments surrounding Liberty Galati, including the possibility of a new auction or alternative restructuring measures aimed at attracting investors and potentially restarting production at the Romanian steelworks.