The Russian steelmaker Mechel has announced that it has completed all its obligations regarding the privatization of its Romanian steel plant Mechel Campia Turzii.
Mechel has met all its investment obligations regarding the first three investment years (including $34 million-worth investments in the Romanian plant's technical re-equipment, environmental protection, repayment of arrears to the budget and payment of shares and working capital), and fulfilled in advance its obligations regarding the fourth and fifth investment years ending on June 20, 2008. Therefore, Romania's Authority for State Assets Recovery has formally confirmed the fulfillment of all Mechel's obligations.
In addition, Mechel is currently implementing a long-term development program at Campia Turzii, which includes significant investments in the modernization of its production capacities.
In 2006, Mechel Campia Turzii produced approximately 141,700 metric tons of rolled products and 86,000 metric tons of hardware products.
Mechel Campia Turzii is Mechel's second Romanian plant. The company completed the privatization of its other Romania-based plant - Mechel Targoviste - in January of the current year.