Stomana Industry, the Bulgarian subsidiary of Greek steelmaker Sidenor, is to establish a steel producing joint venture in the southwestern Bulgarian city of Pernik with the American company Newcor, Inc.
Through its partnership with Newcor, Stomana plans to extend its product range and to increase its steel production capacity to 2.2 million mt per year, thus becoming the largest steel producer in Bulgaria.
In addition, the joint venture will allow Sidenor Group companies to enter new markets including Turkey, Cyprus, and North Africa.