Five investors vie for Liberty Galați steel plant in auction starting at 444 million euros

Liberty Galați, Romania's largest steel plant, is facing a new auction with five investors vying for its acquisition. The bidding process, scheduled for Friday, has a starting price of 444 million euros, a substantial reduction from the 709 million euros set in the first failed attempt in March.

According to Paul Dieter Cîrlănaru, general director of CITR, one of the administrators overseeing the process, the reduced price and extended deadline did not attract new bidders. The same five investors who expressed interest in the initial auction have re-entered the competition.

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There was interest from the same parties who subscribed to the first auction, who bought the specifications.

Among the potential buyers are UMB Steel SRL, part of the group controlled by the Umbrărescu family, known for infrastructure projects and metal production. Metinvest B.V., a major Eastern European steel and mining group owned by Ukrainian businessman Rinat Akhmetov, is also in the running. Indian company Jindal Steel International, which recently acquired a plant in Ostrava, Czech Republic, and Greek steel producer Sidenor Steel Industry have also shown interest. JSW Steel Limited, another prominent Indian steel manufacturer with global operations, completes the list of contenders.

The previous sale attempt in March failed with a starting price of 709 million euros. The current auction aims to secure a buyer for the struggling steel giant, whose future hangs in the balance.

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No one additional came, they are the same five.