Wednesday, April 13, 2005

Bulgarian Kremikovtsi Buys Kosovo Steel Plant for 4.15 Mln Euro

Kremikovtsi, Bulgaria's largest steel mill, said on Wednesday it would pay 4.15 million euro ($5.36 million) for the Llamkos steel galvanising plant in the U.N.-governed Serbian province of Kosovo.

Kremikovtsi said it would spend 15 million euro to upgrade and modernise the plant over the next two years, Kremikovtsi said in a statement.

The Kosovo Trust Agency is expected to approve the deal by the end of April or the beginning of May, Kremikovtsi said.

The agency was not available to confirm the statement.

The Llamkos plant, which has not operated since 2001, has an annual capacity of 150,000 tonnes of galvanised steel.

The galvanised steel has been supplied to Serbia's largest producer of polyester-laminated iron sheets, Lemind-FLP, in which Kremikovtsi acquired a 70% stake earlier this year.

Kremikovtsi, which posted a 81 million levs net profit last year, expects to produce up to 1.5 million tonnes of steel this year. The company will invest 40 million euro by the end of 2005, mainly to modernise its plant in the outskirts of Bulgaria's capital.

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