Italian Marcegaglia considers Kremikovtzi participation

Italian Marcegaglia considers Kremikovtzi participation

Italian steel producer Marcegaglia is seriously considering taking some stakes in the Bulgarian mill Kremikovtzi. According to reports, feasibility studies in this respect are carried out. Currently, the Bulgarian mill with an approximately 2 million ton annual capacity is owned 25% by the state and 71% by Finmetal Holding and the balance by small shareholders. Meanwhile, Marcegaglia, who has recently signed a contract for a new 200'000 ton annual capacity galvanising line to be constructed in Ravenna, plans the line to go on stream by the end of year 2004. Furthermore, SteelOrbis is reported that the Italian steelmaker is sold out ex its cold rolled coil mill through March 2003. Mr. Paladini, the cold rolled coil sales manager is not expected to hold any further export negotiations until early January 2003.