The Kremikovtzi steel works may be shut down altogether 25 days from now unless an operator or a prospective buyer shows up, BTA reported citing Executive Director Plamen Stoyanov .

The future of what used to be the nation's industrial pride will be clear by the end of this week or the beginning of next week at the latest, Stoyanov said

Kremikovtzi started downsizing production with a phased shutdown of its blast furnaces Nos. 1 and 3 and the coke-chemical batteries last week. The company management said this step was called for by lack of raw materials. It prompted protests by metal workers who threatened civil disobedience unless the crisis at the steel mill is resolved this week.

Kremikovtzi trustee in bankruptcy Anna Milenkova said Tuesday that no investment intention has been declared in writing so far. Preliminary talks have been held and the results will be made public as soon as there are any.

Milenkova was appointed as trustee at Kremikovtzi when it was adjudicated bankrupt by court in August 2008. The commencement date for the insolvency was set at December 31, 2005.

Plamen Stoyanov said on Tuesday he was more optimistic than a day before.

Some 400 claims by Kremikovtzi creditors have been received so far, said Milenkova. The court has extended until November 18 the timelimit for the preparation of the claims list but the receiver doubts the new timelimit would be met and would request further extension because of the complexity of the procedure and the large number of creditors.

The total debt of the steal-maker stands at 2.360 bln leva, or about half this amount in euro, according to the operational management. It said the present management has nothing to do with the 700 million leva in state aid during the 1999 privatization of Kremikovtzi or the bonded loan to Finmetals Holding, or with the debts of Global Steel and STC.

Milenkova said that Vorskla Steel of Ukraine owes Kremikovtzi 39.2 million leva under a deal for production with raw materials provided by the client. The deal has no indemnity clauses and Kremikovtzi will claim its losses and lost profits in court, said said.

No layoffs will be made at this stage, said the management. On Wednesday it will be clear whether the workers will get their August wages.

The Kremikovtzi workers have been promised to get their unpaid August wages by November 5 and their September wages no later than November 7.

The Metal Workers Federation with the Podkrepa Labour Confederation and the Kremikovtzi said in a letter that their efforts to save the steel works and preserve the jobs there are without effect. The letter is addressed to the European Federation of Metal Workers; a copy of it was received at BTA.

The lack of a clear state policy on the part of several governments jeopardizes Bulgaria's economy and the impact on all working at the steel works and all companies related to Kremikovtzi are disastrous, the letter says.

The Ministry of Economy and Energy are closing their eyes to the grave consequences of the Kremikovtzi shutdown that will plunge thousands of Bulgarian into an impasse of hunger and misery,

the TUs say.