Банкеръ Weekly



The Italian company Marcegaglia will probably begin next week a financial and technical study of the Kremikovtsi iron and steel works. It will last several months and the company will decide afterwards if it will buy part of the plant or will only remain its trade partner. The enterprise's press centre recalled that the privatisation contract envisioned the possibility for Marcegaglia to acquire half of the share participation of its majority owner Finmetals (the former Daru Metals), which holds a 71% stake. The opportunity for the establishment of a joint venture was even considered. However, the Italians only signed a 5-year contract for export of steel from Kremikovtsi and had been the works' biggest client since then.Kremikovtsi eagerly expects Marcegaglia's final decision. After its privatisation the enterprise began to manufacture new products for the the Italians and succeeded to remain in the branch in 2001-2002 when the steel industry worldwide dropped into the most serious crisis over the last 20 years.

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