GSHL to takeover Kremikovtzi AD

GSHL to takeover Kremikovtzi AD

Global Steel Holdings Ltd (GSHL) will soon complete its takeover of the Bulgarian steel mill Kremikovtzi AD (KAD), sources report. GSHL expects to invest $300 million over the next three years in the 2.2 million-ton steel plant near Sofia. In line with the preliminary agreement signed between GSHL and Finmetals Holdings, which holds a 71.5% stake in KAD, GSHL will purchase Finmetals Holdings' entire capital in KAD. The acquisition is expected to be finalized within two months. Apart from KAD, GSHL will also acquire Lemind and Lyamkos in Serbia and Montenegro. Both Lemind and Lyamkos are downstream steel plants that were previously taken over by KAD.