- Kremikovtzi AD
company_name = Kremikovtzi AD (Кремиковци АД)
foundation = 1963
cast iron, steeland others
homepage = http://www.kremikovtzi.com/
Kremikovtzi AD (Кремиковци АД) is
Bulgaria's largest metalworkingcompany. The construction of its facilities began on 5 November 1960and the first production capacities were put into operation in 1963 to produce cast ironand coke, with production extending to cover other areas in the 1960s and 1970s. The company was privatised in the 1999, 71% of it was acquired by a Bulgarian owned company — Daru Metals (later to change its name to Finmetals Holdings). In 2005 Valentin Zahariev and Kiril Zahariev sold 100% of Finmetals Holdingsfor US$110 million to Global Steel Holdings Limited(GSHL), owned by Pramod Mittal, brother of the highly successful Lakshmi Mittal. Kremikovtzi is not related to the ArcelorMittal group.
Currently the new management brought by the Global Steel Holdings Limited has embarked on an investment program aiming to increase the product quality, reduce the production costs and widen the product range. The key focus of this was the finalization of the new Continuous Caster and a new Converter; both of these were finally put in full operation in November 2006, after being built for more than 15 years.
Most of Kremikovtzi AD's production is exported to the
European Union, Turkey, some of the former Yugoslav countries, the USAand China. The profit was 120 million leva in 2003 and 80 million leva in 2004. However in 2005 the company generated losses of more than BGN 200 million.
Kremikovtzi AD acquired 70% of the
LEMIND-FPL polyester-covered sheet iron factory in Leskovac, Serbiain January 2005, for €1.4 million. The company also made another acquisition in April 2005, purchasing the Llamkosgalvanised sheet iron factory in Vucitrn, Kosovofor €4.15 million. Both plants were disposed of upon Kremikovtzi's takeover by GSHL.
In November 2006, the debt obligations of the company were subject to extreme price
Volatilityas speculation mounted about the depth of commitment to the business by GHSL. Pramod Mittal issued a statement to reassure investors of his ongoing interest in Kremikovtzi's success; but this was not sufficient to dampen the ongoing volatility of the debt price. At the beginning of December 2006, GSHL issued another statement, this time committing to inject cash into the business on an ongoing, quarterly basis.
Wikimedia Foundation. 2010.
Look at other dictionaries:
PFC CSKA Sofia — CSKA Sofia redirects here. For the sports club, see CSKA Sofia (sports club). CSKA Sofia Full name Професионален футболен клуб ЦСКА София (Professional Football Club CSKA Sofia) Nickname(s) … Wikipedia
Geography of Bulgaria — Bulgaria Continent Europe … Wikipedia
Hristo Prodanov — ( bg. Христо Проданов) (February 24 1943 April 20 1984) was a Bulgarian mountaineer. He was the first Bulgarian to climb Mount Everest but died on the way back.Prodanov was still a student when he became involved in mountaineering. He began work… … Wikipedia
100 Tourist Sites of Bulgaria — is a Bulgarian national union established in 1966 to promote tourism among Bulgaria s most significant cultural, historic, and natural landmarks. As part of this program, each chosen landmark has its own individual seal, which is used to stamp… … Wikipedia
Liste europäischer Hochofenwerke — Die Zahl der Hochofenstandorte in Europa hat sich seit den 1950er Jahren deutlich verringert. Während 1960 in Deutschland noch 136 Hochöfen betrieben wurden, waren es im Jahr 2005 nur noch 16. Die Gründe für diesen Wandel sind in… … Deutsch Wikipedia
Commemorative coins of Bulgaria — Republic of Bulgaria Република България ISO 3166 code BG … Wikipedia