Investments promised by Liberty House Group to Galaţi Steelworks

British-owned Liberty House Group promised to invest over 300 million euros in the Galaţi Steelworks, after having agreed with ArcelorMittal to acquire it. Representatives of the two companies were received on Friday, 9 November, in Bucharest by Romanian Prime Minister Viorica Dăncilă and Deputy Prime Minister Viorel Ştefan.

RRA Reporter Cristina Dumitrescu: Group owned by India-born British businessman Sanjeev Gupta has also promised that with the takeover of Galaţi plant, steel production will increase from two million tons to three million tons a year.

Head of the Bucharest Government welcomed the takeover by Liberty House Group of the Steelworks in Galaţi and expressed opening and support of the Government for expansion of the Group's investments in Romania.

Liberty House Group is an industrial and metals company founded in the United Kingdom in 1992. It is headquartered in Mayfair, London, has global hubs in Dubai, Singapore and Hong Kong, approximately 14,000 employees and a turnover of over $ 15 billion.

Liberty Group announced earlier in October that it has reached an agreement with ArcelorMittal to buy four steel plants in Europe, including Galaţi, put up for sale by ArecelorMittal group. Deal is subject to approval by the European Commission.

Approximately 7,000 people are working on the Galaţi Steelworks Platform, out of whom approximately 5,500 are ArcelorMittal's own employees, and 1,500 belong to contracting companies.

Source:RRA.Translated by Miruna Matei