The Czestochowa regional court has repealed its decision to start bankruptcy proceedings against Liberty Czestochowa following an appeal by Liberty, Kallanish notes.
The court declared the Polish plate maker insolvent in July following a protracted production stoppage in 2023-24 and a working capital shortage. Its appointed administrator subsequently launched a tender to lease the plant, with five companies reported to be in the running, including Metinvest and Weglokoks.
Liberty appealed, claiming the business demonstrated strong support from its largest creditor and was already undergoing a “robust” restructuring and restart process.
Liberty Steel Europe chief executive Thomas Gangl says: “This is a positive result and means we can continue to move towards a sustainable future for Liberty Czestochowa. We believe the business is well positioned to support Poland’s fast-growing defence and sustainable energy sectors with its green steel plate. Our restructuring plan will be the best route to secure sustainable employment and production at Czestochowa and the repayment of all of its creditors.”
Liberty Czestochowa has a 700,000 tonnes/year EAF and 1.2 million t/y heavy plate capacity.
It is one Liberty plant struggling to survive in Central and Eastern Europe, along with Liberty’s Czech steelworks in Ostrava – also up for sale – and its Dunaújváros mill in Hungary. Production at both units has been idled for some time. However, the Hungarian plant recently received China Export and Credit Insurance Corporation funding for its transformation to EAF steelmaking.
Adam Smith Poland
