• The tubes, pipes and profiles segment exceeded primary production in terms of turnover
• · Aluminium and value-added products have a debt ratio twice as low (0.55x) as primary production (1.31x), relative to turnover

The Romanian metallurgical sector is reconfiguring, stable companies are resisting and even growing, and fragile ones are exiting the market, amid an industry that lost over 5 billion lei in turnover in the period 2023–2025, down from 23.8 billion lei to 18.3 billion lei, according to a CITR analysis carried out on a sample of 285 companies.

The decrease is mainly caused by the difficulties of large primary steel producers, which reduced their turnover by a third, from 7.5 billion lei in 2023 to 2.6 billion in 2025, to which is added the exit of a number of small companies from the market.

“The data tell a story about selection, amid declining overall figures. The major opportunity of the context is the European reconfiguration, which puts pressure on the sector and also opens a window of strategic demand. The difference between the companies that will catch it and those that will remain outside is now decided, on the balance sheet, not in two years, in court. The value today lies in taking advantage of the European context, of the SAFE funds, and acting while the options are still open”, says Paul-Dieter Cîrlănaru, CEO, CITR.

However, the big picture does not reflect a generalized crisis, but a selection: solid companies are resisting, and vulnerable ones are exiting the market. About 17% of companies active in 2024 no longer report turnover in 2025. On the other hand, the 222 companies that reported constantly in all three years analyzed recorded a slight increase between 2024 and 2025, of 3%, respectively 523 million lei. The contraction comes exclusively from the disappearance of fragile companies, not from the deterioration of stable ones.

The vulnerability of one segment becomes the advantage of another

The pressure on primary production – high energy costs and competition from imports – also explains the direction in which the healthy part of the sector is heading, towards added value.

Thus, the tubes, pipes and profiles segment has already exceeded ferrous primary production in terms of turnover, by RON 6.25 billion, compared to RON 5.59 billion in 2024, and is the only one of the large subsectors that has maintained constant growth.

Aluminum metallurgy increased by 8% in 2025, up to 5.57 billion lei. Moreover, the aluminum and processed products segments have a degree of indebtedness more than twice that of primary production, of 0.55x, compared to 1.31x, in relation to turnover.

European context and opportunities for Romania

The European steel industry is going through the most difficult period in recent decades. High energy and carbon label costs, combined with a wave of imports fuelled by a global overcapacity of more than 600 million tonnes, have pushed EU crude steel production to an all-time low in 2025 – around 126 million tonnes.

However, the same European context also generates the most important opportunity in the medium term. The SAFE (Security Action for Europe) instrument, part of the Readiness 2030 plan, mobilises up to €150 billion for defence procurement. Romania has an indicative allocation of about 16.7 billion euros, and the eligibility rules prioritize products manufactured in the EU. The targeted equipment – military, naval, vehicles, ammunition, infrastructure – is intensive in steel and metals, which turns import pressure into a real demand for domestic production.

In this context, restructuring mechanisms become the tools through which viable companies can regain their investment capacity and eligibility for projects on the scale of those financed by SAFE.

About CITR

CITR is the leader of the restructuring and insolvency market in Romania. With over 25 years of experience and over 1,200 projects managed, CITR distributes over 100 million euros annually to creditors, in its mission to save value in Romanian impact companies. CITR offers complete insolvency, financial and operational restructuring, composition with creditors and judicial liquidation services.