Ukrainian billionaire Rinat Akhmetov's metals group, Metinvest, has submitted a bid to acquire Romania's largest steel producer, Libertu Galati. According to a 23 October report from Ziarul Financiar, the move pits Akhmetov against Romanian entrepreneur Dorinel Umbrapecci in a bid for the plant, which is burdened with approximately €1 billion in debt.
This potential acquisition signals a major strategic expansion for Akhmetov's industrial empire, which was severely damaged by Russia's war in Ukraine. The bid represents an effort to secure new, EU-based production hubs while Akhmetov simultaneously directs billions from his existing companies to fund Ukraine's defense.
What is the situation at Libertu Galati?
The Libertu Galati steelworks, owned by Sanjiv Gupta's Libertu Steel group, has been under a preventive arrangement—a judicial procedure allowing a company to restructure its debts to avoid insolvency—since 5 March 2025. The company is facing severe financial distress, with debts of approximately €1 billion (about half of which is owed to the Romanian state) and a reported loss of €320 million in 2024.
Four companies have submitted offers for the plant. Sources report that the bids from Akhmetov's Metinvest and Umbrapecci's UMV Growth are for a full acquisition of the assets, while two other firms have proposed business models based on external financing.
Why is Akhmetov expanding in Romania?
This bid is not Akhmetov's first entry into Romania. His energy company, DTEK Renewables International, already operates several solar and wind parks in the country.
This acquisition of Libertu Galati represents a strategic move for Akhmetov. He would secure a major industrial production hub safely within the borders of the EU and NATO. Given that his SCM Group lost its flagship steel plants, including the Azovstal and Illich Iron and Steel Works in Mariupol, after they were destroyed by Russian forces.
Akhmetov's Stance Against Russian Aggression
Rinat Akhmetov, Ukraine's wealthiest man, has taken a clear stance against Russian aggression, backing his words with significant financial support for Ukraine's defense. As the country's largest private donor since the full-scale invasion, he has remained in Ukraine and publicly stated in a Forbes interview that victory means restoring Ukraine's 1991 borders, including Crimea and Donbas.
His opposition extends to legal action; facing direct losses from the conflict, Akhmetov has filed a major lawsuit against the Russian Federation at the European Court of Human Rights, seeking billions in reparations for destroyed assets like the Azovstal plant.
What comes next?
The Romanian government has created a special committee to protect the state's interests and oversee the restructuring of Libertu Galati. This committee will now evaluate the four submitted offers to determine the future of the steelworks and its 4,900 employees.
