Bulgaria's Metallurgy Sees 30% Decline since Start of Crisis

Bulgaria's metallurgy has seen a 30% decline since the beginning of the crisis. Photo by BGNES

Bulgaria’s metallurgy sector has seen a slump of about 30% since the fall of 2008 when the economic crisis kicked in.

This data has been provided by the Bulgarian financial newspaper Pari Daily, which points out that Kremikovtzi is the only metallurgy plant in bankruptcy but that is for reasons such as mismanagement and unrelated to the crisis.

Because of the plant’s problems, Kremikovtzi’s production dropped from 1,2 million tons in 2007 to 489 000 tons in 2008. The steel plant in the city of Pernik, Stomana Industry Jsc increased its production by 150 000 tons in 2008 to reach 840 000 tons.

The total output of Stomana Industry, Promet Steel – Burgas, and Helios Metalurg – Plovdiv declined by 11% in 2008 compared to 2007.

For the first time in 2008, however, Bulgaria’s ferrous metallurgy has a negative trade balance of BGN 865 M.

At the same time, the country’s non-ferrous metallurgy registered a positive trade balance of BGN 2,747 B in 2008. Thus, in 2008 Bulgaria’s metallurgy sector in total had a positive trade balance of BGN 1,973 B.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!