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Management of troubled Kremikovtzi steel mill spend BGN 200,000 on fuel, coffee

Date: 07.11.2008

The Bulgarian management of the troubled Kremikovtzi steel mill spend monthly about BGN 200,000 on fuel and coffee, says a letter from the CEO of Vorskla Steel Bulgaria Viktor Demenuk, addressed to the workers of the plant, who continuously protest over unpaid salaries.

According to the syndics in Kremikovtzi, a detailed report on the administrative expenses cannot be provided but measures were taken in August so these expenses are minimized.

We are to check the claims of Vorskla but I don't think the sum is that big, one of the syndics in the plant, Tsvetan Bankov, told reporters.

In August 2008 Vorskla Steel Bulgaria and the Bulgarian steel-maker signed a contract for production with materials supplied by the client but in the end of October Vorskla decided to terminate all of its raw materials supplies to the plant, claiming that the trade unions were using the workers for political purposes.

The resulting coal shortage in the factory resulted in new protests and more delays in salaries payment.

Last week, Bulgaria's Economy Ministry announced that Smart Group company is interested in buying and running the bankrupt plant. Smart Group is the owner of another Bulgarian steel-maker - ProMet, located close to the Black Sea city of Burgas.

Through a merger in 2007 it was taken over by Metinvest Holding, which is owned by Ukraine's richest man, Rinat Akhmetov.

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