Ruse Horse

The former owner of Bulgaria's largest steel-maker Kremikovtzi Valentin Zahariev is ready to invest EUR 80 M if he is selected to become the new owner of the troubled factor. The news was announced by the millionaire Valentin Zahariev himself in an interview for the Darik Radio Monday morning. Zahariev made it clear that the EUR 80 M would be necessary only for the working capital of the Kremikovtzi steel mill. Bulgaria's Economy Minister Petar Dimitrov has confirmed that Valentin Zahariev was among the potential buyers of the steel factory, which was declared insolvent in September 2008. Zahariev's Finmetals Group bought 71% of Kremikovtzi from the Bulgarian government in 1999 for a token USD 1 along with debts to the state and suppliers standing at USD 420 M. In mid-2005, he sold Finmetals Group to Pramod Mittal's Global Steel Holding Ltd. The Polish magazine Wprost recently ranked Zahariev the third richest Bulgarian (and the 100th richest person in Eastern Europe) with a fortune of USD 680 M.

Ruse Former Owner Ready to Invest EUR 80 M in Steel Plant Kremikovtzi