Kremikovtzi Trade Unions Sign Agreement with Arcelor Mittal

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The syndicates within Kremikovtzi () have signed an agreement with representatives from Arcelor Mittal, the Bulgarian National Television reported.

The company promises it will not lay off workers during the next 2-3 years if it becomes the owner of the steel mill.

Arcelor Mittal has also undertaken to raise wages and to introduce additional bonus payments for workers.

The company owned by Laksmi Mittal, the brother of Kremikovzti's current owner Pramod Mittal, will also provide equipment and safety protection for the workers. It has also engaged to fulfill the steel mill's investments program and to ensure environmental sustainability.

In mid-March several investors were interested in buying Kremikovtzi – Ukrainian businessmen Konstantin Zhevago and Rinat Ahmetov, the American United States Steel Company, Turkish Erdemir and Pramod Mittal's brother Lakshmi Mittal.

The stock is traded at the maximum daily limit price today on BSE. 1,421 shares have changed hands so far today at an average of 2.31 leva, which is a surge of 29.78% on the position.

Photo by BGNES

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