GSHL to invest in Bulgarian steel plant

GSHL to invest in Bulgarian steel plant

Indian Global Steel Holding Ltd (GSHL) announced that it will invest $300 million to develop Bulgaria's largest steel plant, Kremikovtzi, in which GSHL recently bought a 17 percent stake. Some $60-70 million will be allocated towards the plant's modernization and repair works next year in order to enable the steel plant to meet the challenges of Bulgaria's European Union accession. Another $60-70 million will be spent on bringing the steelworks into compliance with ecological standards, and the remaining will be invested in production capacity expansion. Kremikovtzi's steel production is expected to increase around 40 percent next year and to double within two a half years. The steel producer aims to increase domestic sales and to keep its present market share in Spain, Italy, Greece and Portugal.