Vorskla Steel Bulgaria, part of the Konstantin Zhevago-controlled financial group Finance and Credit, plans in the first half of 2009 to set up a new €700 million rolling mill in Fényeslitke, Hungary.
The initial annual capacity of Vorskla Steel's new steel plant is planned to be three million mt of hot rolled products, which will later be augmented to five million mt of hot rolled products and one million mt of cold rolled products. Construction is scheduled to be finished in two and a half years, while the start of production is anticipated for 2012.
Accordingly, Vorskla Steel has completed the preparation phase of the investment, and is currently looking for credits in order to finance the mill's construction.