Project for Cold-rolling Steel Facility Worth 93.8 Million Euros Granted First Class Certificate

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Executive Director of the InvestBulgaria Agency Stoyan Stalev conferred Tuesday a first
class investor certificate to Peter Leshtarov, Operating Director of Intertrust Holding BG EAD, BTA reported.The certificate is for a project for a cold-rolling steel facility worth 93.8 million euros which will be implemented by Inter Pipe AD, part of the holding.

The facility will have three separate steel plants, two of which should be ready by the end of 2008.

The ground-breaking ceremony of the future facility takes place on Wednesday in Kurdjali, Southern Bulgaria.

The cold-rolled steel will be sold to the EU and Turkey. Leshtarov said the production will not pollute the environment.

The holding will make available 25 million euros for the project and the remaining funds will be provided in loans from Bulgarian and foreign banks, he said.

About 250 people will work in the new facility while its construction will generate 500 jobs.

Leshtarov said the plant's main equipment has already been ordered in Italy but about 40 per cent of the other machines will be made in Bulgaria which will provide work to another
1,000 people.

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