LIBERTY Ostrava is moving forward with its preventative restructuring plan, endorsed by a significant majority of its creditors. Despite efforts, an agreement couldn't be reached with Tameh Czech regarding energy supplies, leading LIBERTY Ostrava to activate its Plan B, excluding further collaboration with Tameh.

The restructuring plan outlines fixed cost reductions, already achieving EUR 50 million in savings over six months. Consultation begins for the potential closure of two coke ovens, set to save over EUR 1 million monthly, with a commitment to offering impacted employees retraining and redeployment.

The collective bargaining process has commenced for updated collective agreements. Theuns Victor, European CEO of LIBERTY Upstream, underscores the company's dedication to long-term sustainability and job preservation amidst challenging times, with the restructuring plan focusing on five key principles for resuming operations and achieving financial stability.

LIBERTY Ostrava expressed regret over the inability to reach mutually acceptable terms with long-term partner Tameh Czech, opting for a self-supply solution for better cost efficiency in the long term.