Ispat may invest Bulgarian mill Kremikovtzi

Ispat may invest Bulgarian mill Kremikovtzi

Recent news in the market reveals that, Bulgarian steel mill Kremikovtzi, 71% is hold by Finmetals Holding, is on the verge of reaching a co-management deal with Ispat International. On the condition that, deal is concluded, Ispat will invest $170 million to Bulgarian mill. At the meeting held last week between Ispat and Kremikovtzi officials, increasing production capacity of Kremikovtzi from 1.2 million tons to 2.2 million tons was discussed. Accordingly, investment is planned to be spent for modernization of electric-arc furnaces, revamp of blast furnace and cast iron facilities. The cooperation between Bulgarian mill and Ispat Industries started in February 2004. In line with the cooperation, Kremikovtzi supplies raw material from Ispat and Ispat supplies semi-finished products from Kremikovtzi in return.