« A real challenge » at the Galati Combined
The Galati Combined bet on a veteran to relaunch production.
Liberty Galați, part of the GFG Alliance conglomerate of billionaire Sanjeev Gupta, recently appointed Cornel Moisescu as Head of Primary, in a larger strategy of relaunching the steel combination, the former Sidex. Moisescu will coordinate the departments of agglomeration, furnace, continuous casting and steel, having the role of ensuring the necessary steel for the strategic industries of Romania, such as the defense, naval, construction and infrastructure.
With 30 years experience in the steel industry, acquired within the Galati Combined, Moisescu comes with a considerable baggage of knowledge and expertise. Graduate of the Faculty of Metallurgy and with a career started in 1995, Moisescu gradually climbed into the hierarchy, being called in 2014 Head of Blast Furnaces. He implemented complex projects of modernization and maintenance, and under his leadership, the Combined recorded record volumes of production.
« It is a real challenge to restart the production operations in a very difficult period, with market conditions comparable to the 2008 and 2015 financial crisis of the steel industry. But we know how important the steel for the national economy and the Galati community. Together with the team, we trust that we will restart on April 22, »
In parallel with the appointment of Moisescu, Liberty Galați is in a restructuring process, being recently admitted in the preventive agreement procedure. It allows the company to access a loan of 750 million lei granted by EXIM Banca Românească, intended exclusively for the expenses necessary to restart the production. In addition, the company benefits from a financial support of 350 million lei from the state for working capital, to ensure the necessary raw material to the Romanian factories in the defense industry.
The Minister of Economy, Bogdan Ivan, emphasized the importance of continuing this support for Liberty Galati, given the crucial role he plays in ensuring the steel need for Romania’s strategic economic sectors. In the long term, the government negotiates the decrease of energy costs for strategic products producers, by adjusting the price of carbon certificates.
