Konstantin Zhevago Signs a Memorandum With Bulgarian Trade Unions

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Konstantin Zhevago Signs a Memorandum With Bulgarian Trade Unions

The company controlled by Ukrainian tycoon Konstantin Zhevago has signed a memorandum of agreement with Bulgarian trade unions, bTV reports today.

The company undertakes to pay the funds needed for the mill's rehabilitation earlier than previously negotiated, the Ukrainian side said.

The trade unions on the other hand have expresses their support for the investor.

The Ukrainian controls 73% of the Ferrexpo company, listed on the London Stock Exchange.

Another investor interested in Kremikovtzi steel mill is Lakshmi Mittal, the brother of Pramod Mittal. Lakshmi Mittal is the owner of the biggest steel company in the world ArcelorMittal.

The Minister of Economy and Energetics Petar Dinitrov yesterday said that there will be bidding for Kremikovtzi and that the highest bidder will win. He pointed out that the state can not interfere with the issue of the steel mill's ownership.

Konstantin Zhevago and Arcelor Mittal are currently in competition for Kremikovtzi. Both investors said they are ready to be paying the steel mill's operation costs until the ownership issue is settled.

Photo: BGNES

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