Indian-Canadian steel company Essar Steel has renewed interest in Kremikovtzi steel mill and is ready in principle to join the mill’s takeover race, representatives of the Confederation of Independent Trade Unions in Bulgaria (CITUB) said at a news conference on June 19.

The Kremikovtzi trade union with the CITUB are to meet June 20 with representatives of Essar Steel to familiarise with their intentions and potentially prepare an agreement of the likes they have signed with ArcelorMittal and Vorskla Steel as well.

The news counters an early May claim of a large Kremikovtzi bondholder that Essar had definitively withdrawn from the race. Then he argued the mill was too an expensive venture. Later speculations were that their withdrawal was not definitive.

According to Vassil Yanachkov, member of the Kremikovtzi trade union within CITUB, the best possible scenario for Kremikovtzi would be the rehabilitation of the mill through change of main stakeholder upon clear obligations. The new shareholder should also serve as acting manager of the mills until the acquisition or completion of the bankruptcy proceedings was completed.