In line with Finance Ministry data, Liberty Galati for 2024 reported RON2.12 billion turnover and RON1.61 billion losses, with 4,902 employees. The company’s total debts amount to RON4.25 billion. In 2023, debts stood at RON3 billion.
Euro Insol considers ANAF’s rigid stance and its refusal to revise its vote demonstrated a lack of real willingness to support the company’s recovery and of helping the preventive composition procedure succeed.
Moreover, Euro Insol stated that during the preventive composition procedure, the executive leadership of Liberty Galati did not effectively get involved in the turnaround process.
Liberty Galati, the largest integrated steel producer in Romania, in early March announced it would resort to preventive composition amid political upheaval, the new tariffs imposed by the US over steel imports and the lack of real steel industry protection moves at EU level, considering this is the best form to stabilize its business.
(English version by Catalina Apostoiu)