- Very strong Q2 2021 results show further commercial and financial progress
- The company expects positive progress to continue into the second half
- Further progress made on transformational GREENSTEEL projects
LIBERTY Galati, the largest integrated steel producer in Romania, has reported a very strong set of results for the second quarter of this year with EBITDA up more than 60% on the last quarter, which was the best results since 2008. The plant is currently increasing its production levels and has made further progress on the strategic projects required to transform the plant to carbon neutrality by 2030.
The company reported excellent results for the quarter ending 30 June 2021 with a turnover of RON 2.4 billion (EUR 492 million) and EBITDA of RON 412 million (EUR 84 million), up 37% and 61% respectively on the strong results for the quarter ended 31 March 2021. The business is currently in the process of increasing its production towards 3 million tonnes for the year, from around 2 million in 2020, and achieving shipments of around 566 KT in Q2, 7% more than in the first quarter.
The management team has made further progress in the preparation of the major projects required to improve LIBERTY Galati’s existing infrastructure and the quality of its product portfolio as well as on the strategic initiatives which will support the plant’s transformation into a carbon neutral supplier of GREENSTEEL by 2030.
This progress towards CN30 will be enhanced by the Memorandum of Understanding signed in July to create a Technical and Research Collaboration Framework with the Romanian Energy Centre, the international engineering group MTAG Switzerland, ICSI Râmnicu Vâlcea, the Romanian research and development facility and Adrem, the energy services company oriented towards innovation, efficiency and sustainability. The framework will promote, facilitate and consolidate collective the partners collective efforts in research, innovation and business development of novel energy production technologies and fuels, particularly hydrogen.
Sanjeev Gupta, Executive Chairman of LIBERTY Steel Group, said: “The Galați team have delivered yet again, building on their great start to the year to deliver another set of record results. I am now looking for the team to increase their production even further as well as push on with their move towards GREENSTEEL and true carbon neutrality. Over the last few weeks, while at Galati and in Bucharest, I have enjoyed working together with the team and our partners to develop that transformation strategy, which will be at the heart of our global GREENSTEEL vision.”
Aida Nechifor, the General Director of LIBERTY Galaţi said: “I would like to thank to everyone in the Galati team for these tremendous results. We have improved not only the financial and operational performance but also our product quality and customer services. Now we will focus on progressing the medium and long-term projects for our journey to achieve carbon neutrality as well as working hard to attract the young colleagues, workers and specialists who can help us prepare for that future”.