GIHL to buy Bulgarian steel plant

GIHL to buy Bulgarian steel plant

According to recent news in the market, Mittals-controlled Global Infrastructure Holdings Ltd (GIHL) is in negotiation with the promoters of Bulgarian steel plant Kremikovtzi AD to acquire majority stake in the company. GIHL plans to invest $300 million in the mill, which has an annual production capacity of 2.3 million tons. A part of planned investment will be made initially and the remaining part will be made over a period of time. It is reported that the negotiations with Finmetal Holdings, which holds 71% stake in the Bulgarian mill, have come to a final stage however have not been completed yet.