fbpx Modifica setari cookieuri

SIMILAR ARTICLES

Romania is a net importer of electricity in 2020 as well

Romania imported an amount of electricity of almost 796 GWh in the first month of this year, by more than 36% above what it exported… Mai mult

Green Deal / New, additional European funds for Romania – negotiation position assumed by MEP Siegfried Muresan

The transition to a green economy needs to be supported by new, additional European funds, distinct from Romania’s allocations from the future EU multiannual budget.… Mai mult

EBRD investments in Romania have decreased by EUR 174 million in the last two years

Romania fell 3 places to the 10th position in the ranking of largest investments made by the European Bank for Reconstruction and Development (EBRD), after… Mai mult

Transport Ministry announces it has sent to Brussels the financing request for Sibiu – Pitesti highway

The Transport Ministry, as the Intermediate Body in Transport, approved the financing request for the project “Construction of Sibiu – Pitesti highway”, Sections 1, 4… Mai mult

Romania and Juncker Plan: EUR 720 million attracted, of which 35% by Transgaz for BRUA

(The map of investment financed through Juncker Plan, by GDP share. Darker colours mean higher shares) The operator of national natural gas pipelines, Transgaz (TGN)… Mai mult

Shareholders of Galati steel plant promise investments of one billion euros

de Adrian N Ionescu , 24.2.2020

GFG Alliance has committed to invest one billion euros to upgrade Galati steel plant in order to reduce emissions and increase production. Another EUR 1 billion will be spent mainly on units in the Czech Republic and operations in other European countries.

Production from Galati is expected to go up to four million tonnes per year, while in Ostrava (Czech Republic) production increase could exceed 50%, according to Neil Barrell, global operations director at GFG, quoted by Reuters.

GFG has not released updated data but reported that production capacity in Galati is of 3.6 million tonnes per year and in Ostrava three million tonnes. Reuters sources say both steel plants operate below their capacity.

GFG Alliance is a global group of companies active in the energy, mining, metallurgical, engineering, logistics and financial services sectors. GFG is controlled by Indian billionaire Sanjeev Gupta and has bought Galati unit from ArcelorMittal through Liberty House Group.

Part of the cash promised by trade magnate Sanjeev Gupta will be used for installing electric furnaces, which can reduce emissions by about 60%.

However, GFG Director Neil Barrell ensured that even though electrically powered systems are more flexible and require less than half of the workforce compared to classic ones on coal, the later will not be stopped, at least in the short term.

“In the short term, the two (types of) installations will operate in tandem, so jobs are not threatened and we will not have to start negotiations in this regard,” said Neil Barrell, global operations director with GFG.

Need to show confidence in your own business

The investment promised by GFG is meant to be a proof of confidence in an industry that is struggling with the excess supply issues and for which solutions are not expected too soon, especially given the effects of China’s coronavirus epidemic on the global economy.

At the same time, investment in reducing pollutant emissions could reduce related costs over time. On the other hand, the advantage of electric furnaces is that they can be switched off or started faster, depending on market conditions.

GFG has rapidly expanded its business from metal trading, through billion dollars acquisitions worldwide, and in Europe, in Italy, Belgium, Luxembourg and Northern Macedonia, as well as Romania and the Czech Republic.

GFG business accounts for USD 15 billion in 30 countries around the world, has its headquarters in London and decision centres in Dubai, Hong Kong, Singapore, Sydney, Paris and New York.

The conglomerate comprises Liberty House, Wyelands – the banking and financial branch and real estate division Jahama Estates.

Mergeți în homepage ›

Publicat la data de 24.2.2020

Lăsați un comentariu


NEWS

Romania is a net importer of electricity in 2020 as well

Romania imported an amount of electricity of almost 796 GWh in the first month of this year, by more than 36% above what it exported… Mai mult

Shareholders of Galati steel plant promise investments of one billion euros

GFG Alliance has committed to invest one billion euros to upgrade Galati steel plant in order to reduce emissions and increase production. Another EUR 1… Mai mult

Transport Ministry announces it has sent to Brussels the financing request for Sibiu - Pitesti highway

The Transport Ministry, as the Intermediate Body in Transport, approved the financing request for the project "Construction of Sibiu - Pitesti highway", Sections 1, 4… Mai mult

Romania and Juncker Plan: EUR 720 million attracted, of which 35% by Transgaz for BRUA

(The map of investment financed through Juncker Plan, by GDP share. Darker colours mean higher shares) The operator of national natural gas pipelines, Transgaz (TGN)… Mai mult

Top 3 reasons why young people leave Romania

Lack of trust in authorities, corruption and low living standards are the main reasons why young people leave Romania. The data is part of a… Mai mult

IMM Invest Romania – program implementing rules have been published

The Ministry of Public Finance announces that it has issued the methodological norms for the implementation of the Program for supporting small and medium-sized enterprises… Mai mult

Pollution import and car park expansion: comparisons with the other EU states

Romania is the EU country with the fewest cars in terms of the number of inhabitants, according to data recently published by Eurostat. We appear… Mai mult

Government is trying to save budget deficit: reductions in public administration system, cancellation of bonus for harmful conditions, excise duty on soft drinks

The Government is preparing the public for the first measures aimed at avoiding the budget slippage, which would be applied by the PSD-ALDE government. News… Mai mult

Laura Codruta Kovesi remains alone in the race for European Chief Prosecutor

French Prosecutor Jean-Francois Bohnert will be appointed as head of the European Financial Prosecutor's Office, a position for which he was heard on Thursday, 11… Mai mult

Romania - EU country with highest risk of dying in a road accident, Bulgaria is quickly decreasing number of victims since it built motorways

Romania recorded the highest road deaths in the EU also last year, with 96 deaths per one million inhabitants in 2018, almost double the EU… Mai mult

Latest developments in progress at Health Ministry: Differentiated wages based on performance, competitions organised at a regional level not by hospitals

Sorina Pintea announced on Thursday further new changes that will be brought to the functioning of the health care system, including new rules for employment… Mai mult

ANAF changes selection procedure for liquidators. Main changes

The new order on approval and selection procedures for insolvency practitioners is an important step to a very good direction, industry experts say. ANAF is… Mai mult

Romania loses competition for a seat at UN Security Council. MAE Excuse: Campaign started too late

Romania lost to Estonia in the final vote to get the non-permanent member position within the UN Security Council for the period 2020-2021. On Friday,… Mai mult

Business internationalization / eMAG makes a step to entry five new international markets and targets a business of EUR 2 billion

eMAG hopes to get the opinion of the Hungarian Competition Council over the next two months for the acquisition of Extreme Digital, the market leader… Mai mult