At its extraordinary general meeting to be held on April 29, Romania-based steel producer Mechel Targoviste will vote for the approval of the change of the company's name to Special Steel Plant (COS) Targoviste. The name had been changed to Mechel Targoviste following privatization in 2002.
In February this year, Mechel Targoviste transferred its property rights over 59,626,520.00 shares representing 86.6034 percent of the company share capital to Nicosia-based Mazur Investments Limited. The shares then were sold to a privately held Romanian group, Invest Nikarom SRL, for a symbolic amount of Lei 230 ($67), as previously reported by SteelOrbis.
Additionally, local news reports indicate that the new owners will lay off 500 workers within the scope of the reorganization.