Liberty to invest €150 mln in a local plant

Moreover, Liberty’s consultants are Arcelor France and Voestalpine, an Austrian holding that was interested in investing almost €6 billion in Romania in an iron smelting complex located in Agigea (southeastern Romania).

Voestalpine postponed this investment due to the global financial crisis. The Indian group acquired as early as last year the old Turol cast iron foundry for €16 million, from a private investor. The new complex is scheduled to produce 500,000 tons of concrete steel annually as of 2011.

According to Săvulescu, half of the production will be destined for the local market and the rest will be exported, especially in the Middle East.
“At present we have completed the modernization of the old foundry. We will acquire state-of-the-art equipment from the Italian Danieli company, which will ensure a low degree of pollution and electricity consumption,” said the manager of Trans Danube Industries.

Liberty forecast some €300 million in net sales as of 2011, when production begins, Săvulescu added. The investment will create some 300 jobs.

“We already have dozens of resumes sent by engineers who want to work for us,” the company official said. The Mayor of Olteniţa, Costinel Milescu, told Business Standard that the city hall will assign some 15 hectares of land to the company, for 25 years, but company officials said they are planning to purchase that plot of land.