You're reading: Ukrainian businessman could buy bankrupt Bulgarian steel giant Kremikovtzi

Vorskla Steel Bulgaria, part of the Finance and Credit industrial and financial group controlled by Ukrainian businessman Kostiantyn Zhevaho, who is a majority shareholder in the Ferrexpo ore company, plans to take part in a public tender to buy the assets of the bankrupt Bulgarian steel giant Kremikovtzi.

The press spokesman of the Finance and Credit Group, Maksym Prasolov, told Interfax-Ukraine on July 30, referring to Vorskla Steel Bulgaria’s CEO Viktor Demyanyuk, that the mill’s property would be sold under a ruling of the Sofia City Court, and the company plans to take part in the sale.

"We’ll take part in it, but there is no well-defined opinion on the value of the mill. We have information that the price is overstated," Prasolov said.

He did not disclose how much the company would be prepared to spend on buying the mill.

As reported, the Sofia City Court put the Kremikovtzi’s property up for sale at an initial price of over $350 million. Around 5,000 people work at the steel mill.

The steel sector in Bulgaria includes four companies: Kremikovtzi, Stomana Industry, Helios Metallurg and Promet Steel.