November 22, 2008

Sidenor to invest EUR 400 million in Stomana Industry

It is reported that the Greek steel products group Sidenor will pump EUR 400 million over the next five years in its Bulgarian steel making unit Stomana Industry.

Mr Sarados Milios Sidenor board member said that the deployment of the investment will be conditional on the allocation of additional greenhouse emission quotas under the Kyoto Protocol.

The investment plans have been prompted by the creation of a joint venture with Nucor of the US which will provide vast market opportunities for the Greek company.

Stomana Industry, which ships 80% of its output abroad, controls 52% of the domestic market for steel products. In 2007, the company manufactured 800,000 tonnes. The newly opened unit for long products, which cost EUR 80 million, will double the output capacity of the steel maker.