Ispat to buy Bulgarian steel mill For $100 m

April 19 | Updated: Apr 21 2005, 05:46am hrs
Ispat Industries Ltd, the countrys third-biggest steelmaker, agreed to buy 71% of Kremikovtzi AD, Bulgarias biggest steel plant, for $100 million as it expands in central and eastern Europe.

The acquisition will be made through Ispats Global Steel Holdings unit and should be completed within 60 days, Ivan Nenkov, chief executive of Bulbrokers, a Sofia-based company advising on the transaction, said in a telephone interview.

Kremikovtzi, built in the 1960s near Sofia, was sold for $1 and $400 million of debt in 1999 to Bulgarias Finmetals Holdings. It plans to produce 1.5 mt of steel this year, exporting mainly to the EU, Turkey and former Yugoslav republics.