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Shakhtar Donetsk owner Rinat Akhmetov has entered talks to buy Liberty Steel’s Galati plant in Romania, while German-Turkish and Turkish-Dutch consortia also move in on Romanian steel assets that have come to market.
Interest in Romanian steel picked up after ArcelorMittal put its Hunedoara works up for sale, and Liberty Steel followed by starting a sale process for its Galati plant on the Danube.
Four different groups have opened negotiations for Galati, including a consortium of German-Turkish companies led by Germany’s Steel Mont. The Turkish partner has not been named due to a confidentiality agreement.
One of the most prominent suitors for Liberty Galati is Rinat Akhmetov, described as Ukraine’s wealthiest businessman. He also owns Shakhtar Donetsk, coached by Arda Turan, and has begun talks with Liberty Steel Group, owned by Indian-born billionaire Sanjeev Gupta.
Other interested parties include Romanian businessman Dorinel Umbrarescu and another undisclosed bidder.
Euro Insol, which manages the plant’s restructuring, said discussions are ongoing. According to its chairman Remus Borza, the Romanian state wants the buyer to take on the company’s debt; otherwise, long-loss-making Liberty Galati would halt production. Romanian sources estimate a price range of roughly €420 million to €700 million for the asset.
Turkish industrial groups have already shown an appetite for Romanian steel. In September, a Turkish-Dutch consortium of four firms submitted an offer for ArcelorMittal’s Hunedoara plant.
On the Turkish side are Belin, Ceylan Metal, and Nakkas Holding, while Dutch investment firm GTS Investment represents the Netherlands. The consortium has lodged its proposal with ArcelorMittal and Romanian authorities.
The recent push follows another Liberty process in Luxembourg. In February, Tosyali Holding made an offer for Liberty Steel’s Dudelange facility, which had gone into insolvency in December; Tosyali withdrew the bid in May.
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