GFG Alliance signs MoU with Romanian Government to create a European GREENSTEEL flagship at LIBERTY Galati

Must Read

The Romanian firefighters are present in France to support the French forces who are fighting the climacteric flames

By rbj Two C-17 Globemaster III aircraft from the Multinational Strategic Transport Unit and a C-27J Spartan aircraft of the...

ROCA Industry announces that its subsidiary Bico Industries will take over the majority stake in the Lithuanian company SmartTech AG

By rbj ROCA Industry, the holding company that brings together the construction materials companies in the ROCA Investments portfolio, announces...

Hungarians fear inflation, but also global recession. The opinion of the Central Bank of Budapest. Viktor Orban’s government expects inflation of 20% in 2022

By rbj Inflation could accelerate to around 20 percent in the coming months, said Barnabás Virág, vice president of Bank...

By Andra Beltz
Sanjeev Gupta, the Executive Chairman of GFG Alliance, which includes LIBERTY Steel Group, today welcomed Ludovic Orban, the Prime Minister of Romania, to LIBERTY Galati as he signed a series of agreements with the Government, the national gas company Romgaz, EximBank Romania and also local educational institutions to help deliver his GREENSTEEL vision
During the visit, Sanjeev and Mr Virgil-Daniel Popescu, the Minister of Economy, Energy and Business Environment, signed a Memorandum of Understanding (“MoU”) supported by Prime Minister Orban, which incorporates GFG’s plan to install modern steel-making technologies, significantly reducing direct CO2 emissions, increasing the use of lower carbon energy sources and creating a more flexible, competitive operation.
Alongside the investment MoU, GFG Alliance signed agreements with key national suppliers and respected educational institutions that will work with LIBERTY Galati to deliver the transformation through the provision of competitive energy, skills, research, know how and finance.
Commenting on the Prime Minister’s visit and the signing of the various MoUs, Sanjeev Gupta the Executive Chairman of GFG Alliance, said: “It is a great honour to welcome the Prime Minister and other senior members of the Romanian government here today in support of our GREENSTEEL vision for Galati. Through their backing, and the agreements we have signed today with Romgaz we will be able to deliver the competitive long term energy needed to underpin this exciting project. Galati University will partner with us to create a GREENSTEEL Academy aimed at developing a new generation of highly skilled workers equipped to handle cutting edge technologies. The National Research Institute will help develop the know how required to deliver complex hydrogen projects. EximBank Romania will cooperate with us to secure competitive long term funding for the project.”
“It is very encouraging to see such strong local support united with us to make Galati the GREENSTEEL flagship in Europe. I have no doubt this project will be a great success and will put Galati on the map not only in Europe but globally as a new age sustainable low carbon steel plant built for the next generations to come.”
GFG Alliance GREENSTEEL investment plans include:
-A Direct Reduced Iron (DRI) plant with 2.5 million tonne capacity. The DRI plant, which will initially use natural gas, will transition to using hydrogen as hydrogen production technology becomes more cost effective.
-Two Electric Arc Furnaces, one of which will be dedicated to cast slabs for Galati’s world renowned plate mill and the other for direct casting of hot rolled coil production, a state of the art and highly competitive technology. The EAFs will reduce CO2 emissions per tonne of steel produced by up to 80%, with emissions dropping to almost nothing once the DRI plant is hydrogen powered. This will make Galati the first European primary steel plant in GFG to get going on a path to become carbon neutral by 2030.
-Expand production capacity towards 4 million tonnes of liquid steel a year.
Summaries of the MoUs are below: -The MOU with the Ministry of Economy, Energy and Business Environment outlines GFG’s investment plans for LIBERTY Galati and confirms the Ministry’s determination to support and encourage GFG Alliance’s investment in the sustainable development of LIBERTY Galati; – The MoU signed with Adrian Constantin Volintiru, the CEO of Romgaz, provides a framework for the potential joint venture partnership between the parties to build a new natural gas power plant within the curtilage of LIBERTY Galati; – The MoU signed with Professor Dr. Puiu Lucian Georgescu, Rector of “Dunarea de Jos” University Galati, is to collaborate in the creation of a LIBERTY Galati GREENSTEEL Academy. The Academy will encourage more young people, from top-quality engineers to technical and operational specialists, to come into the steel industry to help develop more sustainable production methods; – The MoU signed with Mihai Varlam, Executive Director at The Romanian Institute for Research and Development for Cryogenic and Isotopic Technologies, is to collaborate in the development of technical studies and business applications of green hydrogen technology in steel production; – The MoU signed with Traian Halalai, Executive Chairman, EximBank Romania, agrees to collaborate to support GFG’s investment in LIBERTY Galati.
LIBERTY Steel Group is part of GFG Alliance, a collection of global businesses and investments owned by Sanjeev Gupta and his family. The Alliance is structured into three core industrial pillars; LIBERTY Steel Group, ALVANCE Aluminium Group and SIMEC Energy Group, independent of each other yet united through shared values and a purpose to create a sustainable future for industry and society. GFG Alliance employs 35,000 people, across 10 countries and has revenues of USD $20bn.
GFG Alliance is a leader in sustainable industry with a mission to become Carbon Neutral by 2030.
LIBERTY Galati is the largest integrated steelworks in Romania, with a workforce of around 7,600 and a current production capacity of approximately 2 million tonnes of steel per annum serving construction, marine, oil, gas and renewable energy customers.
GREENSTEEL is steel produced by from re-melting steel scrap, or melting Direct Reduced Iron (DRI) produced using natural gas (transitioning to hydrogen). Scrap and/or DRI is melted in electric arc furnaces powered, where possible, by low emission or renewable energy technology, to produce high quality steel products.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

The Romanian firefighters are present in France to support the French forces who are fighting the climacteric flames

By rbj Two C-17 Globemaster III aircraft from the Multinational Strategic Transport Unit and a C-27J Spartan aircraft of the...

ROCA Industry announces that its subsidiary Bico Industries will take over the majority stake in the Lithuanian company SmartTech AG

By rbj ROCA Industry, the holding company that brings together the construction materials companies in the ROCA Investments portfolio, announces that its subsidiary Bico Industries...

Hungarians fear inflation, but also global recession. The opinion of the Central Bank of Budapest. Viktor Orban’s government expects inflation of 20% in 2022

By rbj Inflation could accelerate to around 20 percent in the coming months, said Barnabás Virág, vice president of Bank Magyar Nemzeti. According to the...

The annual inflation rate stagnates. Will the Central Bank succeed in reaching the target for 2022? The BNR missed the inflation target in the...

By rbj The annual inflation rate in July 2022 compared to July 2021 is 15%, slightly decreasing from 15.1%, and compared to December 2021 it...

Topoloveni plum magic, wins another market in Asia, that of Vietnam, through the Discover European Treasures European program

By rbj "Sonimpex Topoloveni continues its presence at international fairs where it promotes the Romanian gastronomic tradition through the "Topoloveni Magiun din prune" Brand. The...
- Advertisement -

More Articles Like This

- Advertisement -