Kremikovtsi to reduce production by 20%
Bulgaria's smelting plant Kremikovtsi announced that it would reduce its ready-made steel goods production by 20% in the third quarter of 2005 due to stagnant market conditions. The smelter originally planned to produce 100'000 tons of ready-made steel goods during the third quarter; however, the cutbacks will see production fall to 80'000 tons, company sources report. Apart from the planned production cut, Kremikovtsi is also preparing for its transfer to India's Global Steel Holdings Ltd. As previously reported by SteelOrbis, Finmetals Holding, owner of a 71% stake in Kremikovtsi, decided to sell its share in the Bulgarian smelter to Global Steel Holdings Ltd.