The assets of Liberty Galați, Romania’s largest steel plant, are set to be sold through an international auction with a starting price of €690 million, scheduled for March 12. The move follows the approval of the company’s restructuring plan by an interministerial committee, according to court-appointed administrator Euro Insol, which manages the process alongside CITR.
So far, 13 investors have expressed interest in acquiring the assets. The sale takes place at a critical moment for the plant, marked by severe liquidity shortages and unpaid wages for more than two and a half months. The valuation was carried out by Darian.
Read also: Record investment: one of Bucharest’s “Henri Coandă” Airport runways set for full modernization
“The international auction will take place on March 12. The sale rules and tender documentation will be finalized by Monday, and the participation guarantee will be set at 7%,” said Remus Borza, chairman of Euro Insol.
Strong interest from global steel producers
Interested parties include major steelmakers such as JSW Steel (India), DeLong Steel (China), KMC Steel (Turkey), and Metinvest (Ukraine), controlled by billionaire Rinat Akhmetov. Other potential bidders include Jindal Group, Iraq-based Galiawa Group, and Romania’s UMB Group, owned by entrepreneur Dorinel Umbrărescu, which recently agreed to acquire ArcelorMittal Hunedoara’s assets.
Liberty Galați, owned by the Liberty Group of Indo-British investor Sanjeev Gupta, entered preventive concordat proceedings in March 2024. Around 3,300 employees were sent into technical unemployment, with only about 200 currently working. The Romanian state has significant financial stakes, with ANAF seeking to recover around €150 million and EximBank approximately €300 million. Given the plant’s strategic importance, the government set up an interministerial committee in September 2024 to prevent bankruptcy.
Photo: Digi24
