The Bulgarian trade unions Podkrepa and CITUB have come forward with a proposal for the sale by public auction of Kremikovtzi, the country's largest steel producer.
The trade unions have argued that sale of the mill by any other means would not ensure the necessary level of transparency. In addition, the trade union have expressed their concerns that bankruptcy of the mill may pose several risks to the future working of the mill and may result in the dismemberment of the mill's assets. The court hearing on the possible bankruptcy of the mill is scheduled for June 29.
So far several foreign steelmakers have declared an interest in acquiring Kremikovtzi. At the moment, only the world's largest steelmaker ArcelorMittal and Ukrainian steel producer Vorskla Steel have submitted official proposals to the Bulgarian government. However, according to reports, Indian steel producer Essar and an unnamed Italian company are also interested in the mill.