The Black Sea Trade and Development Bank (BSTDB) has approved a EUR 18mn loan to the country’s biggest steel plant Kremikovtzi aimed at production upgrades and modernisation. The financing will be repaid in 7 years. Kremikovtzi has posted a loss of EUR 136mn last year that marks deterioration by 30% in comparison to a year earlier, according to the individual financial report presented at the local stock exchange. Due to overdue claims, the National Electricity Company started gradual reduction of electricity supplies to the steel mill last week but the problem was quickly resolved as Kremikovtzi restored regular payments.
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Source: Intellinews - Bulgaria Today