The majority owner of Kremikovtzi steel plant, Finmetals, was sentenced to pay 239.2 million leva to the State Agency for Control After Privatisation on February 20 2008.

Finmetlas lost its case filed against the agency, Economy and Energy Minister Petar Dimitrov said. “The state will make no compromises in terms of collecting the money in this case,” Dimitrov said, as quoted by Dnevnik daily.

Dimitrov's words were a direct reference to a letter sent by Kremikovtzi's management on February 19. It asked a 90 days grace period for Kremikovtzi's payments to the state, in order to give it time to find a strategic partner to continue operations.

Finmetals is owned by Global Steel Holding, controlled by Indian businessman Pramod Mittal. Finmetals bought 71 per cent of Kremikovtzi's shares in 2005 with rest owned by the state.