The Bulgarian government is planning to hire international law consultants at the total cost of BGN 300,000 ($222,140) for them to prepare and carry out the negotiations in order to attract Austrian steel mill Voestalpine Stahl to implement its proposed Black Sea project in Bulgaria, local Bulgarian sources reported.
According to Voestalpine's proposal, the new mill would be located on the Black Sea shore and would have an annual production capacity of five million metric tons of flat steel products. The total value of the proposed investment is estimated at €5 billion. Currently, Voestalpine is carrying out a study in Romania, Ukraine, Turkey and Bulgaria to determine the most suitable location for its project.