Romania cancels CSR Resita contract with Noble Venture

Romania cancels CSR Resita contract with Noble Venture

The sell off contract for Romania's financially troubled steel mill CSR Resita has been cancelled as the US buyer Noble Ventures Inc. failed to fulfill the terms and conditions of the deal. The related deal worth $82.25 million was signed in 2001, and Noble Ventures received 94.49% stakes of CSR. According to the information given by the Romanian privatisation agency APAPS, Noble Venutre failed to effect two consecutive payments without prior notice.