The Romanian seamless steel pipe producer, Artrom Steel Tubes S.A, has reached an agreement to be taken over by GLGH Steel, a company of the American investment fund Great Lakes Global Holdings, according to a press release of the Romanian company."As we are interested in exploring new opportunities for Artrom, we hope that the new government can take the necessary steps as soon as possible to allow Artrom to carry out its activity normally. If these conditions are met, we are confident that Artrom can launch on a new business trajectory, focusing on strategic areas such as production for the defence industry and decarbonization, which require substantial investments from our group," said Adam Hitchcock, founder and managing partner of GLGH, in the press release.The share purchase agreement for the acquisition of Artrom was concluded in November between GLGH Steel and the former Serbian owners of Artrom, and the transaction is subject to the necessary regulatory approvals from the Romanian authorities.GLGH Steel is currently working to secure the support of the Romanian Government for this transaction, which would put Artrom's future development on the right track.'This transaction ensures that thousands of jobs in the southern region of Romania, in particular those in Olt and Caras-Severin counties, will be protected. The local economy will consequently be stimulated by a capital infusion of millions of dollars in the coming years. Furthermore, the company will benefit from a sustainable and constant investment flow, allowing it to develop and expand other production lines to access new markets,' the press release says.Currently, Artrom Steel Tubes S.A. has over 2,000 employees and is the market leader in the production of seamless steel pipes.
The Patriarch of the Romanian Orthodox Church, Daniel, congratulated Pope Leo XIV for succeeding Pope Francis on Thursday, May 8. He expressed confidence that the new pope will continue to promote "the spirit of dialogue, peace, and cooperation between the Roman Catholic Church and the Orthodox Church." "In a world facing multiple spiritual, economic, and […]
The organizers of the Untold festival announced they will offer a RON 150 (EUR 30) voucher toward the purchase of a festival pass to anyone who votes on May 18, during the second round of the presidential elections. In an online message, Untold representatives emphasized the connection between civic participation and the future of every […]
The Open Streets program, which sees the city's major arteries close for car traffic and become pedestrian areas, returns this weekend with a program of exhibitions, concerts, and a Festival of Lights. On Saturday, May 10, at 2:00 p.m., the public is invited to the Made in Romania exhibition, which presents a selection of civilian […]
Joseph Stiglitz, the famous economist and professor at Columbia University in New York, and winner of the Nobel Prize in economy in 2001, told an audience in Cluj, Romania, that governments must stimulate exports and key sectors when facing deficits. Stiglitz was in Romania on Thursday, May 8, to receive the title of Doctor Honoris […]
The Constitutional Court unanimously validated on Friday, May 9, the results of the first round of the presidential elections. It also rejected as unfounded a request to annul the elections filed by Sebastian-Constantin Popescu, the presidential candidate of the New Romania Party, it announced. The runoff, set for May 18, will see ultranationalist leader George […]
Bucharest's culinary scene welcomes back OLEA, the JW Marriott Bucharest Grand Hotel's celebrated Mediterranean destination, now reimagined with a fresh concept that blends authentic coastal flavours with contemporary sophistication. Following an extensive transformation, OLEA reopens its doors to offer guests a refined journey through the Mediterranean's sun-drenched culinary traditions, right in the heart of Romania's […]
