Kremikovtzi plans to start continuous slab caster

Kremikovtzi plans to start continuous slab caster

Kremikovtzi, Bulgaria's largest steel producer, is planning to start the production in the first new continuous slab caster before the end of 2003. The second continuous slab caster may start during 2004. The business plan which was submitted to the European Commission at the end of last month, also covers this investment. The two casters account for 25% of the proposed €257 million investment over the period 2003-2007. A part of the investment will be financed by state aid while the other parts will be financed by bank loans, foreign investment and cash flow. In the scope of business plan, the company plans to close slab, bloom and billet mill as well as rod line. Also, the company is going to reduce finished production capacity by 500'000 tons per year. Crude steel capacity will remain 2 million tons per annum. Kremikovtzi also aims to install the third slab caster after 2006. Rest of the investment will be spent on renovation of the plant.