The company said it hoped to increase production in the Galaţi plant to three million tonnes, from the 2.1 million tonnes it currently produces, despite some large consumers of steel - such as car manufacturers - reducing their demand.
In July alone, the industrialist purchased seven major steelworks from ArcelorMittal across seven European countries in a €740m deal that made Liberty Steel a significant global player. The company said it is investing a further €400m over five years across the plants to expand sales by 50% by 2022.
Mr Gupta added:"In my view, the best time to buy and invest is when the markets are difficult, not at the top of the market.Image:Demand for steel has dropped in recent months owing to difficulties in Europe's automotive sector, which faces falling orders for new vehicles.Mr Gupta said:"We are present in the auto supply chain and that is definitely reasonably grim.Europe's large steelmakers have faced severe pressures over recent years largely due to dumping from China.
for its European business, including the Port Talbot steelworks, after a key merger with Germany's Thyssenkrupp was abandoned.