advertisement
Fri, Feb 10 2012
Ailing Kremikovtzi may resort to barter
A tolling agreement or an acquisition of Bulgaria’s debt-ridden steel maker Kremikovtzi may turn out to be an unlikely scenario as suitors fear losses from the tight steel market, sources familiar with the situation told Dnevnik.
Brazilian company CSN is shapping up as the likelier bidder, but for now it appears more likely to offer a barter to convert coal into coke.
According to the downbeatest forecasts, steel demand may continue to be low, putting a downward pressure on prices until well into 2010.
CSN plans to initially feed the steel mill with own ore but has not decided if and when it will resume steel production.
Ukrain’s Smart Group, which is interested in signing a toiling agreement, has not made up its mind on what to do with the produce either.
A representative of the plant’s bondholders said it was high time any of the candidates made some concrete commitments or else gas company Bulgargaz and the Economy Ministry will have a reason to put the breaks on gas flows, which are now feeding the plant’s coke production capacities.
The plant is also processing small amounts of scrap into steel to secure workers’ salaries. The staff have not been paid since December, when they got October’s wages. Dnevnik found out that many of the workers are taking days off to seek exra work and fill in the financial gap.
Source: Dnevnik
Brazilian company CSN is shapping up as the likelier bidder, but for now it appears more likely to offer a barter to convert coal into coke.
According to the downbeatest forecasts, steel demand may continue to be low, putting a downward pressure on prices until well into 2010.
CSN plans to initially feed the steel mill with own ore but has not decided if and when it will resume steel production.
Ukrain’s Smart Group, which is interested in signing a toiling agreement, has not made up its mind on what to do with the produce either.
A representative of the plant’s bondholders said it was high time any of the candidates made some concrete commitments or else gas company Bulgargaz and the Economy Ministry will have a reason to put the breaks on gas flows, which are now feeding the plant’s coke production capacities.
The plant is also processing small amounts of scrap into steel to secure workers’ salaries. The staff have not been paid since December, when they got October’s wages. Dnevnik found out that many of the workers are taking days off to seek exra work and fill in the financial gap.
Source: Dnevnik
-
Print
-
Send via email
- Translate to
-
Share:
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
List of Kremikovtzi suitors short - minister
Low commodity prices on world markets continue making Kremikovtzi unattractive for investors, while labour unions threaten new protest rallies
Consumer confidence dips as more people choose to save
Bulgarian consumers are more prone to save rather than spend money in light of the economic crunch, according to data from the National Statistics Institute.
More in this category
Bulgarian ICT Watch event in March
Debate at the half-day event will cover what has been achieved so far and what further can be done by the Bulgarian Government to support development of the market.
Movers and shakers
Selectivity, not popularity, is the driving force behind Sofia's most exclusive members' only club.
Cash flow vs. profit
Too often, small business owners ignore cash flow, to their own detriment.
Airlines rush to Budapest to replace Malév
Analysts say ČSA restructuring will be much less risky.
Bulgaria's Globul signs partnership deal with Manchester United
Under the terms of the agreement, Globul will offer the club’s fans in Bulgaria access to exclusive Manchester United news, interviews, special features and other content over its mobile network.
Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
© 2000-2012, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo