The biggest local steel producer Kremikovtsi is planning to invest BGN 319mn (EUR 163mn) in 97 projects for ecological improvement in the region in the next six years, the management of the company announced. The company will seek EU funds financing through partnership arrangements. Kremikovtsi has invested some BGN 52mn already in similar activities since 2000. in September last year, the cabinet passed changes to the country's development programme for the sector allowing Kremikovtsi to meet certain restructuring and environment protection standards by the end of 2008 instead of the previously set deadline of end-2006. The steel producer accounts for about 2.5 to 3% of country’s GDP and gives job to 7,200 employees, according to company’s estimates. The number of those whose incomes are dependent on Kremikovtsi performance, however, reach about 54,000. Kremikovtsi is the biggest client of the state railway company and the southern Black Sea port of Burgas .  The liabilities of the company are more than BGN 303mn at present while BGN 776.4 have been spent on debt repayments in the last two years. Kremikovtsi posted a decrease in sales of about 65% to BGN 288.6mn last year which helped to narrow the loss margin of the company to BGN 19.8mn last year as compared to BGN 154mn in 2005. India ’s Global Steel Holding (GSHL) indirectly holds 71% of Kremikovtsi through the special vehicle Finmetals. The state controls 25.3% of the plant and the remaining 3.7% are floated on the local stock exchange.