Kremikovtzi revises down 2006 output target

Bulgaria’s largest steel mill Kremikovtzi, controlled by India’s Ispat Industries, disclosed that it has revised down its 2006 output target by 13 percent to 1.5 million metric tons. Kremikovtzi’s new operation director Vilas Jamnis said “We are planning to raise steel output to 1.5 million metric tons in 2006. We expect to reach production of 2 million metric tons in the next two to three years.” In September Kremikovtzi’s CEO Alok Gupta said Ispat plans to invest $300 million over the next four years that should allow the mill to increase finished steel output to 1.7 million metric tons this year and up to 2 million metric tons by 2009.