Romanian steel producer Liberty Galati will be put up for auction on June 19 with a starting price of EUR 444 mln (USD 514 mln), following approval of an amended restructuring plan by the Galati Tribunal.
In addition, Liberty Tubular Products Galati, the company’s pipe production plant, will also be auctioned on the same date with a starting price of EUR 19 mln.
According to restructuring administrators Euro Insol and CITR, several investors from Europe and Asia had expressed interest in the assets during a previous auction process held in March, with some potential buyers visiting the plant and holding preliminary discussions. Interested parties reportedly include JSW Steel, Metinvest, and Romania’s UMB Grup.
Liberty Galati, Romania’s largest integrated steel producer, was acquired by Liberty Steel Group of GFG Alliance from ArcelorMittal in 2019. The Galati plant has annual crude steel production capacity of around 3 mln tons, though output has declined in recent years amid high energy costs and market volatility. The facility mainly produces flat steel products and welded pipes.
1 USD / 0.86 EUR