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Mittal withdrew from the company a year or so later and the company was kept afloat by the socialist government, desperately seeking for a potential investor. All negotiations ultimately failed. Fuel and salaries were not being paid during that period, creating additional debts for the company. Since
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as speculation mounted about the depth of commitment to the business by GHSL. Pramod Mittal, the company's owner, issued a statement to reassure investors of his ongoing interest in
Kremikovtzi's success; but this was not sufficient to dampen the ongoing volatility of the debt price. At the beginning
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group. The new management brought by GSHL has embarked on an investment program aiming to increase the product quality, reduce the production costs and widen the product range. The key focus of this was the finalisation of the new
Continuous Caster and a new Converter. Both were finally put in full
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On May 15, 2009, gas supply (main fuel for the factory's operations) has been cut off, the coke production plant - one of the most controversial symbols of the company - has been shut down permanently.
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in 1999 - 71% of it was acquired for US$ 1 by Daru Metals (a
Bulgarian owned company, later to change its name to Finmetals Holdings). Most of Kremikovtzi AD's production was exported to the
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in 2003 and 80 million leva in 2004. However, bad management and other factors led to the company generating losses of more than BGN 200 million for 2005.
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company. The construction of its facilities began on 5 November 1960 and the first production capacities were put into operation in 1963 to produce
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of
December 2006, GSHL issued another statement, this time committing to inject cash into the business on an ongoing, quarterly basis.
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for €1.4 million. The company also made another acquisition in April 2005, purchasing the
Llamkos galvanised sheet iron factory in
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for €4.15 million. Both plants were disposed of upon
Kremikovtzi's takeover by Global Steel Holdings Limited (GSHL).
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In 2005 Valentin
Zahariev and Kiril Zahariev sold 100% of Finmetals Holdings for US$ 110 million to GSHL, owned by
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December 2008 the factory was virtually non-functioning, kept in a safe-standby mode.
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In
November 2006, the debt obligations of the company were subject to extreme price
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operation in
November 2006, after being under construction for more than 15 years.
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2nd monitoring report on steel restructuring in
Bulgaria and Romania (2007)
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1st monitoring report on steel restructuring in Bulgaria and Romania (2006)
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https://web.archive.org/web/20090519215324/http://kremikovci.bg/
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3rd monitoring report on steel restructuring in Bulgaria (2008)
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In January 2005, Kremikovtzi AD acquired 70% of the LEMIND-FPL
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413:Defunct manufacturing companies of Bulgaria
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106:Learn how and when to remove this message
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418:Manufacturing companies based in Sofia
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311:. Kremikovtzi is not related to the
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365:Website of Kremikovci Neighbourhood
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389:of the
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