The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.3 - Manufacture of other products of first processing of steel
300 jobs Number of planned job creations
Announcement Date
18 August 2005
Employment effect (start)
31 October 2006
Foreseen end date
Description
Promet Steel JSC is planning within 18 months to have its own electric furnace for steel teeming. This will allow the factory to be independent from the international markets and less affected from market changes. The new capacities will ensure a production of 600,000 tons of steel per year. The new plant will be built with the help of the Austrian company Voest Alpine Industrialagenbau and will meet the highest world standards. Management is also planning to build a new wire rod line with various diameters. All those developments are expected to ensure 300 new working places. The planned investment is €36 million. Promet Steel is one of the three steel factories in Bulgaria together with Kremikovtzi (bought mid August 2005 from Global Steel Holdings of the Indian billionaire Lakshmi) and Stomana-Pernik. In 2004, the firm has exported more than 200,000 tons of steel to the USA, which remains the main export destination. The firm also exports to the Balkan states and has acquired an export certificate for Spain. Such certificates are to be acquired for Portugal and Austria as well.
Eurofound (2005), Promet Steel JSC, Business expansion in Bulgaria, factsheet number 62124, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62124.
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