LIBERTY Galati today announces that it will restart Blast Furnace No. 5 in mid-March 2023 on signs of market recovery in Europe supported by improvements in input costs and pricing.

The furnace has undergone a 18.3 million RON (3.67 million Euro) care and maintenance programme since December which has increased its safety, stability, reliability and energy usage performance and will ensure the company is in a strong position for the expected market recovery.

Ajay Aggarwal, President of LIBERTY Steel Group Europe and Chairman of the Board of Directors of LIBERTY Galati, said: “With signs of a market recovery in Europe and the successful upgrades made to Blast Furnace No.5 we can start to plan for a restart in mid-March. During the care and maintenance period we have retained all employees and continued to invest in our plant and product enhancements that will improve the profitability of the business.

“We’re also well underway with technical feasibility studies for the relocation of the modern plant and equipment from KG steel in Korea as well as the tender process for cutting edge electric melting furnaces to ensure we choose the path that transforms LIBERTY Galati to green steel as quickly and efficiently as possible.”