Romania’s Liberty Galati steel complex is being put up for sale again after two failed auctions. Creditors have approved a restructuring plan that cuts the minimum price for the steelmaking operations and pipe division from €463 million to €200 million, excluding VAT — a drop of nearly 57%. The assets were initially offered for around €709 million.
The sale is now expected to proceed through direct negotiations rather than another public auction. According to local media reports, interest has been expressed by India’s Jindal, Ukraine’s Metinvest, Romania’s UMB, Iraq’s Galiwa and China’s Risun. The identities of potential buyers have not been officially confirmed. Three companies have already assessed potential investment opportunities, but no binding offers have been submitted so far.
The restructuring plan still needs court approval. The terms and deadline for submitting offers are expected to be announced after that.
The Romanian government is trying to prevent the company from going bankrupt. The authorities have announced plans to extend wage payments to employees through the Wage Guarantee Fund for another six months. The support is intended for about 2,400 workers and should provide additional time to find a buyer.
Liberty Galati is Romania’s only integrated steel producer. Its crude steel production capacity is about 3 million metric tons per year. Since mid-2024, the plant has repeatedly faced disruptions. The pipe division, which can produce around 50,000 tons of welded pipes annually, resumed limited operations in September this year after several months of low activity.
However, as of November 1, both divisions have temporarily suspended operations due to financial difficulties, and most employees have been placed on temporary layoff. No date for the resumption of production has been announced, so the complex’s future will largely depend on whether a buyer can be found.