“Liberty Galati reported the best financial results since 2008. Its turnover – for the quarter ended on June 30 – reached RON2.4 billion (EUR492 million) and its EBITDA stood at RON412 million (EUR84 million), higher by 37% and by 61%, respectively, than in the first quarter of 2021.”
Liberty Galati targets a production of 3 million tons of steel in 2021, higher by 50% than the production of some 2 million tons of steel in 2020, a company official told ZF.
“Production and supplies increased during both quarters and are currently headed towards an annualized target of 3 million tons, compared with some 2 million tons, over the last years. These excellent results were obtained due to efforts of the local team, the support of Liberty Steel and favorable market conditions”, Liberty representatives told Ziarul Financiar, amid recent media rumors alleging that GFG Alliance Group, the majority shareholder of Liberty Galati, is in talks with White Oak Global Advisor, a leading global alternative asset manager, in order to refinance operations in Europe.
Asked whether the assets targeted by talks also include the steel mill in Galati, Liberty representatives said that GFG and the Restructuring & Transformation Committee (RTC) were in talks with several interested parties regarding Liberty Steel Continental Europe, which also includes Liberty Galati. However, they refrained from commenting on the parties involved in talks.
GFG also said that talks with creditors were advancing and the Group’s global restructuring plans were moving on.