Greek's largest steelmaker Sidenor SA has announced the commissioning of its new rolling mill at the company's Bulgaria-based subsidiary Stomana Industry SA.
The new rolling mill, which is expected to enter into full production by the end of January 2008, will have an annual production capacity of 800,000 mt, mainly manufacturing rebars and special quality bars.
In line with its strategic goal to lead the longs market in the Balkans and southeast European region, Sidenor SA is currently intensifying its investment program with the aim of improving its cost competitiveness and enlarging its product portfolio.
In addition to its investment in Stomnana Industry SA, Sidenor SA is also engaged in a capacity expansion program at its Thessaloniki mill in northern Greece, targeting reduced costs and improved environmental impact through the installation of a second "Consteel" continuous scrap feeding system. Moreover, the company will also construct a number of steel distribution centers in selected Balkan regions in order to provide superior customer service. The construction of the new facilities is to be finalized within 2008.
Commenting on its investment program, Sidenor SA said in a statement, "Greece will become a net exporter of long steel products after being a net importer for many years. The fast growing Balkan construction market will absorb part of the additional production."