Liberty Steel, the steel branch of British-based GFG Alliance, controlled by Indian billionaire Sanjeev Gupta, has confirmed an investment plan of €200 million over the next five years at the Galati steel plant in Romania, which Liberty Steel took over this year as part of a global deal with ArcelorMittal group. Mr. Gupta attended a ceremony at the Galati plant on September19, after attending another inauguration ceremony for Liberty Magona in Piombino, Italy, on September 16.
The production volume at Liberty Galati will increase this year to over 2.1 million mt, from around 1.7 million mt in 2018, mainly based on stronger exports to eastern European markets.
"I am extremely proud to receive thousands of qualified and dedicated employees from Galati in the GFG family. We have committed to a long-term investment program in Romania. We look forward to working closely with the task force of government members to help us continue to contribute to the development of the company, to the economic well-being of its employees, local communities and Romania," said Sanjeev Gupta.
In July this year, Liberty Steel completed the acquisition of seven major steelworks and five service centers across seven European countries from ArcelorMittal, including the steel plant located in Galati in eastern Romania. Thanks to these sites bought in early July for €740 million, Liberty ranks among the top ten steel producers in the world, excluding China, with a total rolling capacity over 18 million mt.