Steel Giant Buyer No Secret for Bulgarian EconMin

Industry | April 15, 2011, Friday // 15:03|  views

Bulgarian Economy Minister Traicho Traikov is pleased with the sale of Kremikovtzi. Photo by BGNES

It is no secret for anyone which financial and industrial group bought the assets of the Bulgarian steel mill giant Kremikovtzi, the Bulgarian Economy Minister Traicho Traikov said Friday.

This was Traikov's comment upon being asked by Bulgarian journalists whether a 26 year-old buyer can afford to pay BGN 316 M (nearly EUR 162 M) for the assets. He stated the young Lachezar Varnadzhiev was simply authorized by the group to seal the deal.

Bulgaria finally sold on Tuesday the production assets of Kremikovtzi steel mill in a fourth auction to the newly established local "Eltrade company", owned by 26-year-old Lachezar Varnadzhiev.

"Eltrade company" was established on March 8, 2011 and its capital is a mere BGN 20 000, a check in the Trade Registry shows, triggering suspicions who stays behind it. It is Varnadzhiev's only company and it is supposed to be a black and colored metal dealer.

"Eltrade company" has the same address as Nadin - N, a well established scrap dealer. Vladimir Todorov, member of Nadin – N's board of directors, was present at Tuesday's auction.

"I am pleased with the sale of Kremikovtzi," Traikov declared, as cited by Darik radio.

The Economy Minister revealed he has already met representatives of the buyer, who have shared their views on Kremikovtzi's future development. He said he was an optimist about the deal.

Asked whether all of Kremikovtzi's assets will be used for scrap, Traikov pointed out that some 20% of the steel mill's territory, which is the most technologically advanced and environmentally safe part of it will be revived.

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Tags: steel mill, Kremikovtzi, buyer, lachezar varnadzhiev, Traicho Traikov, scrap, nadin - n


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