November 22, 2008

ArcelorMittal to offer USD 500 million for Kremikovtzi

Trend Capital reported that ArcelorMittal, the world's largest steelmaker plans to present a takeover proposal shortly for an ailing Bulgarian steel plant.

The report cited Mr Volker Schwich vice president for eastern European projects of ArcelorMittal as indicating that the plan to be presented this week to Bulgarian authorities includes a pledge to invest USD 500 million in the debt laden Kremikovtzi plant.

Mr Schwich, in the Bulgarian capital Sofia, said that Kremikovtzi currently runs at one third of capacity and ArcelorMittal would seek to boost production to full capacity.