Bulgaria Invites Arcelor Mittal To Bid for Assets of Insolvent Steel Mill Kremikovtzi

Bulgaria Invites Arcelor Mittal To Bid for Assets of Insolvent Steel Mill Kremikovtzi

Bulgarian Economy Minister Traycho Traykov has invited the world's largest steel producer Arcelor Mittal to take part in a tender for the sale of the assets of insolvent local steel mill Kremikovtzi, the Economy Ministry said in a statement.

"A major commitment of the state is to secure a transparent and lawful process for the sale of the steel mill's assets," the Economy Ministry quoted Traykov as telling Arcelor Mittal senior managers on Wednesday in Leuven, Belgium where he took part in an informal meeting of  EU ministers in charge of competitiveness, research and industry. 

A valuations of Kremikovtzi assets is currently underway, the statement said. The Sofia City Court declared the idled steel mill insolvent on May 31, 2010.

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