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Press Digest
 | Stomana JSCo has fulfilled its production programme for 1995. The plant has produced 580 000 tons metals per year. Source: Pari (08.11.1995) |
| | Stomana EAD (SPJSCo) received credit of BGL 100 million for the construction of improved ecological system. Source: Trud (09.11.1995) |
| | TS Bank JSC reported a profit of BGL 186 million for the first 9 months of 1995. At the moment the bank's capital amounts to BGL 1,330 billion - BGL 500 million of them are deposited in long-term assets. Shareholders of the bank are 700-800 legal entities and natural persons. The bank owns shares of Hebrosbank JSC, Expressbank JSC, Central Cooperative Bank JSC, Bulgarian Investment Bank JSC, Biochim JSC, Bulgarian-Russian Investment Bank JSC. Source: Other (20.12.1995) |
| | The Minister of Industry Kliment Vuchev discharged the executive director of "Stomana" - Pernik Stefan Stamenkov. The former chief engineer of the company Nikola Ganev is appointed director of "Stomana". The financial examination of the company determined that the present loss amounts BGL 120 m. Source: Pari (23.01.1996) |
| | The board of directors of "Stomana" EAD approved the resignation of Stefan Stamenkov former executive director of the company. Nikolai Galev is elected the new executive director of "Stomana". It is very likely the deficiency of scrap to idle the company. 25 percent of the capital of "Stomana" are offered for privatisation by bonds. Source: Pari (06.02.1996) |
| | 14 insurance companies, among them "Bulstrad", MIC, "Atlas", "Evropa", and "Hemus Ins." will participate the competition for the insurance of "Stomana - Pernik" with an unified offer, as announced from the management of "Stomana". Source: Standart (20.02.1996) |
| | The company Biovet SPJSC - Peshtera is approved by the Council of Ministers in the list of the companies for privatization. Source: State Gazette (28.05.1996) |
| | The state-owned "Stomana" JSC (Pernik) has deposited only BGL 7 million in the "Industria" Fund, said the Executive Director of the company Nikolai Galev. Source: Trud (11.10.1996) |
| | The minimum salary at the state-owned "Stomana" JSC becomes BGL 9,700, was reported from the company. Source: Kontinent (14.10.1996) |
| | The state-owned "Stomana" JSC (Pernik) will install an ecological equipment in the amount of DEM 5 million. This equipment will be instlled in order to be decreased the pollution with carbon dioxide. Source: 24 chasa (10.12.1996) |
| | The debts to the "National Electrifical Company" JSC amount to BGL 15,391 billion till November 30th 1996. The enterprises which are under the Ministry of Industry owe BGL 5,822 billion and the enterprises under the Ministry of Transport-BGL 1,923 billion. The major debtors are the Bulgarian State Railroads, the state-owned "Stomana" JSC (Pernik) and "Kremikovtzi" JSC. Source: Pari (16.12.1996) |
| | The debts of the National Electrifical Comapny JSC (NEC) for 1996 amount to nearly BGL 6 billion. Among the major debtors of the enterprise are: the state-owned "Gorubso" JSC (Madan), "Stomana" JSC (Pernik), "Kremikovtzi" JSC (Sofia) and the Bulgarian State Railroads. Source: Pari (08.01.1997) |
| | "AKB Fores" JSC announced its intention to pay the debt of the state-owned "Stomana" JSC (Pernik) to CB "Biochim" JSC which amounts to USD 100,000, reported the Executive Diorector of the fund Ivailo Marinov. Source: Pari (29.01.1997) |
| | The state-owned "Stomana" JSC (Pernik) refused to pay interets of USD 300,000 on a credit granted by the USA in 1993 for the export of 150,000 tons maize, reported the Board of the Directors of the company. The money from the sale of maize was invested in "Stomana" JSC by Emil Hursev through a cession of a debt from "TSBank" JSC. The Management of the state-owned "Stomana" JSC did not recognize the cession. Source: 24 chasa (12.02.1997) |
| | Politimi Paunova-representative of the Ministry of Industry, was appointed Chairman of the Board of Directors of the state-owned "Stomana" JSC (Pernik). Temporarily Chairman was the District Governor Charodey Chernev. Source: Pari (27.03.1997) |
| | The management of "National Electrifical Company" will undertake measures for the proclamation of the major debtors of the enterprise insolvent. Among them are: "Gorubso" JSC (Madan), "Stomana" JSC (Pernik), "Vidachim" JSC (Vidin), "LecoCo" JSC (Radomir), "Neftochim" JSC (Bourgas), "Kremikovtzi" JSC (Sofia) and "Biovet" JSC (Pestera). Source: Pari (18.04.1997) |
| | At the General Meeting of the shareholders of "Stomana" JSC (Pernik) was elected a new Board of Directors with members: Mr. Charodei Chernev, Mr. Nikolai Galev, Mrs. Politimi Paunova, Mr. Stefan Konakchiev and Mr. Ivan Dimitrov. At the meeting was also adopted a statute of the company. 2.37 per cent of the shares are owned by employees of "Stomana" JSC. Source: Pari (28.05.1997) |
| | Mr. Charodei Chernev is elected Chairman of the Board of Directors of the state-owned "Stomana" JSC. Mr. Nikolai Galev is elected Deputy-Chairman. Source: Pari (03.06.1997) |
| | The state-owned metallurgic plant "Stomana" JSC ended the first half of the year with a net book profit in the amount of BGL 19 billion. The company's debts to the banks affected negatively the annual financial result. Source: Pari (24.07.1997) |
| | The technical-industrial council of "Stomana" JSC (Pernik) approved a programme for ecological reconstruction of the enterprise, reported the Chief Ecologist Mr. Ivan Dimitrov. The execution of this project will cost BGL 425 million. Source: Kontinent (18.08.1997) |
| | "Stomana" JSC (Pernik) has signed a contract with Russia about an import of 15.000 tonnes scrap. 3.000 tonnes scrap have already been sent at Bourgas Port. Intermediary of the deal is "Darumetal". Another 15.000 tonnes scrap have been negotiated with Roumania. Source: Trud (27.08.1997) |
| | Privatization Agency opened procedures for the privatization of: 75 per cent of the shares of "Intertravelservice" JSC (Sofia); 33 per cent of the shares of "Slavyana" SPJSC (Slavynovo); 75 per cent of the shares of "Sviloza" SPJSC (Svistov); 75 per cent of the shares of "Elenite" SPJSC (Nesebur); 75 per cent of the shares of "Stomana" SPJSC (Pernik); 75 per cent of the shares of "Dyuni" SPJSC (Sozopol); 75 per cent of the shares of resort "Rusalka" (Kavarna). Source: State Gazette (12.09.1997) |
| | The production of rolled iron will decrease with 80 per cent and the production of steelworks will decrease with 50 per cent in the next 3-5 years, according to a programme approved by the Ministry of Industry. The programme provides for investments in the amount of USD 50 million per year. The programme also provides for solution of the problem for the debts on ZUNK bonds of "Kremikovtzi" JSC - USD 80 million and BGL 2,8 billion as well as for the debts of "Stomana" SPJSC (Pernik) of USD 18 million. Source: 24 chasa (15.10.1997) |
| | The production of rolled ferrous metals will be reduced from 4,23 million tones per year down to 2,2 million tones per year, said Mrs. Politimi Paunova, Director of Heavy Industry Department in the Ministry of Industry. 50 per cent of the produced metals will be exported. This branch of industry needs USD 600 million in order to operate effectively. The money will be granted to "Kremikovtzi" JSC, "Stomana" JSC (Pernik) and "Kamet" JSC (Bourgas). Source: Kontinent (04.11.1997) |
| | "Stomana" JSC (Pernik) will start a trial exploitation of a new furnace. The equipment is imported by "Mannesman - Demag". The new furnace will come into exploitation till the end of 1997. The new equipment enables a reduction of the production costs with USD 30 - 40 per one ton. Source: Democracy (06.11.1997) |
| | "WS Atkins" Ltd. (Great Britain) was determined to be privatization consultant of: "Stomana" JSC, "Kremikovtzi" JSC and "Promet" JSC. Members of the consultant consortium are: "Top Lega" (Bulgaria), "Coopers&Loybrand" (Bulgaria) and the Branch Chamber of Ferrous and Non-ferrous Metallurgy. The negotiated payment for successful deals is ECU 1 million. Source: Pari (06.11.1997) |
| | "Stomana" JSC produced in October production in the amount of BGL 20,566,600,000. The plant cannot work at its full capacity, because of lack of raw materials. Source: Pari (02.12.1997) |
| | Till November 31 the credits granted by "Bulgargas" JSC were in the amount of BGL 350 billion, said Mr. Ivan Shilyashki, Chairman of the Enregetics Committee. Among the major debtors of the company are: "Neftochim" JSC, "Kremikovtzi" JSC, "Neochim" JSC, "Agrobiochim" JSC, "Agropolichim" JSC, "Alumina" JSC, "Stomana" JSC, "Belopal" JSC. The company has signed contracts for payment of the debts with some of the debtors. Source: Kontinent (02.12.1997) |
| | In 1997 "Stomana" SPJSC (Pernik) sold production in the amount of BGL 240,36 billion. The company realized 606,000 tones electric steel, 504,610 tones rolled iron, and 356,779 tones laminated iron. Source: Trud (13.01.1998) |
| | 600 workers in "Stomana" JSC (Pernik) protested in the Ministry of Industry for a licensing of scrap-suppliers. Workers in "Zavod za Lazerna i Optichna Tehnika" SPJSC (Sofia) also protested against appointment of Mr. Mladen Mladenov Executive Director of the plant. About 2000 workers in "Opticoelektron" SPJSC (Panaguyriste) came out on strike against dismissal of the Executive Director Mr. Ivan Cholakov. Source: Standart (11.02.1998) |
| | Government program for reforms in steal-production provides for a merger of metallurgy works "Kremikovtzi" JSC (Sofia) and "Promet" JSC (Debelt), announced former Executive Director of "Kremikovtzi" JSC, Mr. Atanas Bogdanov. The merger of "Stomana" JSC (Pernik), "Kremikovtzi" JSC and "Promet" JSC (Debelt) was one of the versions, discussed by the government for a saving of this branch of industry. Source: Pari (18.02.1998) |
| | "Stomana" JSC (Pernik) renewed the production in the company's second significant workshop. The major plant's workshop renewed its production on February 23rd, 1998. 3,325 tones of scrab were delivered in the plant during the last 24 hours, that is enough for the plant to use 100 per cent of its capacity. Source: Trud (26.02.1998) |
| | The management of the state-owned "Stomana" JSC (Pernik) and the two company's syndicates came to an agreement for the dismissal 600 workers. Only 200 workers will be dismissed actually because 400 pensioners work in the plant at the present moment. Source: Pari (06.03.1998) |
| | Industrial losses amounted to BGL 218 billion in 1997, according to statistic data. "Neftochim" JSC holds the lead with a BGL 140,512,900,000 loss. Second is "Stomana" JSC (Pernik) with BGL 11,580,237,000. Third is "Elektronni i Magnitni Produkti" SPLtd. (Plovdiv) with BGL 10,583,468,000. The losses of companies on the list for financial rehabilitation amount to BGL 22 billion, BGL 17 billion of which belong to Balkan Airlines. Source: Pari (25.05.1998) |
| | By the middle of July will be ready the information memorandums of 26 companies to be privatized through investment intermediaries. Among them are "Kremikovtzi" JSC, "Stomana" JSC, "Promet" JSC, "Agropolichim" JSC and "Gorubso" JSC , said the representative of SARA program for Bulgaria Mr. Georgi Paplomatas. Source: Standart (28.05.1998) |
| | "Stomana" JSC and "Promet" JSC will soon declare bankruptcy, said Mr. Mike Mtten from V. S. Atkins - a consultant on the companies' privatization. "Stomana" JSC has debts of USD 35 million to banks and its ZUNC debts are in the amount of USD 25 million. The debts of "Promet" JSC to financial institutions are USD 8 million. V. S. Atkins is ready with the information memorandums. It is anticipated that for privatization will be offered 58 per cent of the shares of "Stomana" JSC and 77 per cent of the shares of "Promet" JSC. Source: Standart (04.06.1998) |
| | "Stomana" JSC has debts in the amount of USD 60 million. The company must be sold as soon as possible, said Mr. Mike Mitten, representative of the privatization intermediary "Atkins International". Interest in the purchase of "Stomana" JSC have shown companies from the USA, West Europe and Asia. Source: Pari (08.06.1998) |
| | By July 17 will be submitted applications for the privatization of "Kremikovtzi" JSC (Sofia), "Stomana" JSC (Pernik) and "Promet" SPLtd. (Bourgas). 20 foreign and 3 Bulgarian companies have shown interest in the three metallurgic plants, announced representatives of the privatization intermediary "Atkins International". Source: Standart (07.07.1998) |
| | The government will have the right to reduce debts of the enterprises on the Law for payment of unserviced credits (ZUNC) if this turns out to be a support for privatization process. This amendment at the law was approved by the Structural Reform Council. Biggest ZUNC debts has "Neftochim" JSC - USD 122 million principal. Other major debtors are "Kamet" SPJSC - USD 88 million, "Kremikovtzi" JSC - USD 80 million, "Arsenal" JSC - USD 41 million, "Interquartz" SPJSC - USD 30 million, "Stomana" JSC - USD 18 million. Source: Capital (14.07.1998) |
| | The term for submitting offers for the privatization of "Stomana" JSC and "Promet" SPLtd. was prolonged with 3 days, was reported from PA. The intermediaries on the deal - "Atkins International" and "Raiffeisen Investment", will accept applications by July 17. Source: 24 chasa (15.07.1998) |
| | The final term for submitting offers for participation in the auctions for privatization of "Stomana" JSC (Pernik) and "Promet" SPJSC (Bourgas) expired. The consortium WS Atkins - Raiffeisen Investment is a consultant on the companies' privatization. The consultant reported that there is one offer submitted for "Stomana" JSC and three offers for "Promet" SPJSC. The offers have been submitted by Bulgarian and foreign investors. Source: Pari (20.07.1998) |
| | The financial expenses of "Stomana" JSC have increased by BGL 4 billion in July only by interests of credit, the company's Executive Director Mr. Nikolai Galev reported. The company's debts are above USD 40 million. There are negotiations at the moment for re-negotiation of the loans on new interest rates. Source: Pari (28.07.1998) |
| | "Stomana" JSC (Pernik) may stop its production, because of lack of funds to purchase scrap. The suppliers refuse to deliver in the enterprise new quantities, before the company to pay the old deliveries. The current quantities of scrap in the enterprise will end very soon. Source: Standart (24.08.1998) |
| | The losses of "Stomana" JSC (Pernik) for 1997 amounted to BGL 9.689 billion, was reported from the company at the General Meeting held on August 28. The company's dents are in the amount of BGL 173 billion, and BGL 81 billion of them are ZUNC debts. "Stomana" JSC will have a two-tier management system and new management. Members of the Supervisory Board were elected Mr. Charodey Chernev, Mrs. Politimi Paunova and Mrs. Petya Vassileva. Members of the Board of Directors were elected Mr. Valentin Bakalov, Mr. Loberto Lyubenov and Mr. Stefan Konakchiev. Executive Director was elected Mr. Valentin Bakalov. Source: Pari (31.08.1998) |
| | "Stomana" JSC (Pernik) will stop working in 10 days because of its big debts, announced Mr. Dimitar Dimanov. The company owes "Bulgargas" JSC BGL 20 billion and NEC - BGL 20 billion. Its debts to banks amount to USD 34 million and debts to suppliers are in the amount of BGL 7-10 billion. Source: Trud (11.09.1998) |
| | A revision in "Stomana" SPJSC (Pernik) found out damages in the amount of BGL 4.5 billion. There were misappropriations in the supplies of scraps. Source: Democracy (15.09.1998) |
| | The French company Deuferco - the only candidate buyer of Stomana SPJSC (Pernik), will make its own evaluation of the enterprise. Consultant on the deal is Atkins International. Source: Pari (18.09.1998) |
| | 1 450 workers will be dismissed in "Stomana" JSC Pernik, the management of the metallurgical plant reported. The proposal was done by the privatization adviser "WS Atkins". The dismissals will begin in October and will concern mainly the assistance productions and the administration. Another decision stipulates the workers to receive a minimum working salary till the end of the current year. Source: Standart (26.09.1998) |
| | "Stomana" JSC will stop buying up foreign metal, stated the company's Director Mr. Valentin Bakalov. The company will buy only old foreign iron, according to old contracts. Source: Standart (06.10.1998) |
| | A preliminary legal procedure has been opened against the former executive directors of "Stomana" JSC (Pernik) Mr. Stefan Stamenov and Mr. Vasil Manovski. They are accused of exceeding their authorities as managers of the enterprise. Source: Pari (13.10.1998) |
| | The candidate-buyer of "Stomana" JSC (Pernik) - the Swiss company "Deuferko", will submit its final offer on November 9, reported the Chairman of the company's Supervisory Board Mr. Charodey Chernev. It is expected that the deal will be finalized several weeks after the announced date. Source: 24 chasa (21.10.1998) |
| | The ZUNC debts of "Stomana" JSC (Pernik) will be canceled, stated the Chairman of Economic Select-committee Mr. Nikola Nikolov. It is expected that same measures will be taken for several enterprises, which will be offered to strategic investors. Source: Standart (27.10.1998) |
| | For sixth time in a row the Union Made in Bulgaria bestowed the traditional awards Golden and Silver lion. Bulgarian entrepreneurs from different branches. The awards were bestowed by the chairman of the Union Mr. Hristo Drumev. In the section machinery construction and instrument-building the Golden Lion was given to Climate Incom Sofia, in section metal products Stomana JSC Pernik, chemistry and plastic Latex JSC Biala. For branch Electronics this year the Golden Lion award was given to Systems for telecommunication and network JSC Veliko Tarnovo. Medvan Sofia took the award in the section Furniture, Vemas Sliven and Royal Foods Sofia - in the food industry. Source: Pari (28.11.1998) |
| | The work-shops of "Stomana" JSC will become independent companies in the form of manager-employee privatization, reported the Chairman of the Board of Directors Mr. Stefan Konakchiev. Source: BTA (04.12.1998) |
| | "Stomana" JSC (Pernik) owes BGL 300 million to 600 workers dismissed from the company in April, 1998, reported a representative of the trade unions Mr. Nedelcho Kalev. Source: Pari (08.12.1998) |
| | In the beginning of next week the privatization intermediary of "Stomana" JSC (Pernik) - "Atkins International", must present the schemes for privatization of the company, was reported after a meeting of the Deputy Minister of Industry Mr. Stefan Stavrev, PA, trade unions and the intermediary. Source: Pari (18.12.1998) |
| | "Stomana" JSC (Pernik) reported a profit of BGL 196 million for 1998. Last year was produced production in the amount of BGL 196 billion. The plant has exported 413,098 t of its production. Source: Kontinent (13.01.1999) |
| | European Commission may impose to Bulgaria preliminary duties of the export of steel up to three months. The duties will function six months. It was reported by Mrs. Ilyana Nikolova, Head of "European Integration Department" in the Ministry of Industry. The final decision according to the procedure is expecting to be taken up to 15 months, effective on January 7, 1999. Source: Pari (15.01.1999) |
| | The amount of BGL 100 billion is stolen by Swiss "Duferko" from the steel company "Stomana" JSC. It was reported by the Chairman of the syndicate federation Metallurgy Mr. Krasimir Mitov. Source: Pari (15.01.1999) |
| | The syndics of "Economic Bank" JSC (insolvent) Mr. Valentin Georgiev and Mrs. Valeria Antonova offered for sale non-guaranteed currency credits, granted to "Promet" JSC (Bourgas) and "Stomana" JSC (Pernik). The bank has granted "Promet" JSC credits of USD 2.724.908 principal and USD 4.112.275 interests. The credits granted to "Stomana" JSC are in the amount of USD 6,335,827 principal and USD 3,377,788 interests. Source: Pari (21.01.1999) |
| | "Deuferko" is ready with the terms for privatization of "Stomana" JSC, reported the privatization consultant "Atkins Raiffeisen" JSC. Source: Kontinent (02.02.1999) |
| | Four law suits were brought against officials in "Stomana" JSC (Pernik) for economic malfeasances, reported the Director of the District Bureau of Investigation Mr. Yulian Dimitrov. The company's debts amount to BGL 200 million. Source: Monitor (15.02.1999) |
| | Officials in "Beloizvorski Tziment" JSC have embezzled BGL 88 million of the funds of the state-owned company through forged documents. Thus the company has been damaged with BGL 117 million, including the interests. Source: Pari (18.02.1999) |
| | "Economic Bank" JSC and "TSBank" JSC have requested the court to promulgate "Stomana" JSC (Pernik) insolvency. The metallurgical plant's debts to the two banks amount to USD 50 million. Source: Kontinent (19.02.1999) |
| | "Economic Bank" JSC did not succeed to sell the debts of "Stomana" JSC (Pernik) and "Promet" Ltd. (Bourgas), was reported from the bank. The final term for subscription of the candidates for purchase of the debts expired on February 19. "Stomana" JSC has debts of USD 10 million and "Promet" has foreign currency debts of USD 7 million and three BGL credits of BGL 32 million, BGL 600 million and BGL 550 million. Source: Pari (25.02.1999) |
| | The privatization procedure of "Stomana" JSC (Pernik) will last one month. The company's Supervisory Board will sell the additional production capacities as well as the property out of the plant's territory, reported the Executive Director Mr. Valentin Bakalov. 964 of the workers will be laid off, according to an agreement signed with the trade unions. Source: Democracy (01.03.1999) |
| | On April 1 in "Stomana" JSC will be laid off 950 workers because of the forthcoming privatization, stated the Deputy Minister of Industry Mr. Stefan Stavrev. The losses of "Stomana" JSC and "Kremikovtzi" JSC for 1998 exceeded BGL 100 billion. Source: Sega (25.03.1999) |
| | "Daru Metals" JSC (Sofia) and the Turkish company "Erdemir" were selected by the intermediary "Atkins" - "Raiffeisen Investment" to continue negotiations on the sale of 71 per cent of the shares of "Kremikovtzi" JSC next week, was reported from PA. The offer of "Deuferco" was rejected. Source: Standart (26.03.1999) |
| | At the beginning of May, 1999 "Stomana" JSC (Pernik) will be privatized, reported the plant's Executive Director Mr. Valentin Bakalov. On April 2 will be announced the terms for privatization and within 15 days will be announced the potential buyers. Offers have been submitted by the Swiss company "Deuferco" and "Daru Metals" JSC (Sofia). Source: Pari (31.03.1999) |
| | At the beginning of May "Stomana" JSC (Pernik) will be privatized, stated the Executive Director of the metallurgic plant Mr. Valentin Bakalov. Up to the present moment offers have been submitted by the Swiss company "Deuferco" and "Daru Metals" JSC (Sofia). Source: Pari (01.04.1999) |
| | The Board of Directors of NEC JSC decided to stop the electricity supply of "Stomana" JSC (Pernik) because of unpaid debts of BGL 32 billion. Source: Standart (09.04.1999) |
| | Italian company Duferco, registered in Switzerland, will not submit an offer for privatization of Stomana JSC (Pernik) on May 14. This decision is reasoned with the war in Yugoslavia. Duferco intended to export the semi-products of Stomana to Zhelezarna - Skopje, which is not possible at the moment as the railway goes through Yugoslavia. Duferco does not resign from participation in the privatization of Stomana but would just wait. Source: Pari (12.05.1999) |
| | Daru Metals JSC declared its willingness to take part in the privatization of Stomana JSC (Pernik). Except for Daru Metals, information memorandum of the metallurgic plant was bought by Duferco and Ladimex. Source: Standart (13.05.1999) |
| | The only offer submitted for the privatization of Stomana JSC (Pernik), is that of Daru Metals. The term for submitting offers expired on May 27. Source: Pari (28.05.1999) |
| | 948 workers will be dismissed in Stomana JSC (Pernik), was reported from the company. 60 workers have already submitted themselves requests to leave the plant. The amount of USD 5 million is necessary in order to be paid the compensations of the dismissed workers. The compensations must be paid by the potential buyer of Stomana JSC. Source: 24 chasa (01.06.1999) |
| | Stomana JSC (Pernik) was proclaimed insolvent by Pernik District Court and a procedure of bankruptcy was opened. The claim against the company was brought in court by TSBank JSC and Economic Bank JSC for a debt of USD 50 million - BGL 173 billion, including interests. Source: 24 chasa (08.06.1999) |
| | Two syndics undertook the management of Stomana JSC - Pernik, reported experts from the Ministry of Industry. They are starting preparations for the company's rehabilitation programme. The creditors of Stomana have been offered to take its assets or shares against their receipts. TSBank and Economic Bank JSC refused to do so. Source: Standart (06.07.1999) |
| | Legal proceedings have been initiated against Mr. Emil Hursev and the Minister of Agriculture from the cabinet of Prime Minister Berov - Mr. Georgi Tanev. Both of them together with the former Director of Hranserviceengineering are responsible for unfavourable import of US maize in 1993. Source: Standart (08.07.1999) |
| | There is a strong investors' interest in Stomana JSC - Pernik, stated the company's Director Mr. Valentin Bakalov. A Russian and Ukrainian company have shown interest in the company's privatization. The other candidates are Swiss Deuferco and Bulgarian Daru Metals JSC. In fact, the potential buyers are now waiting for the court's decision, since there is a procedure of insolvency for Stomana JSC. Source: Standart (13.07.1999) |
| | Stomana JSC suffers insufficiency of raw materials - the scrap that is delivered is two-fold less than needed. Source: Standart (14.07.1999) |
| | Daru Metals JSC and Italian Deuferco want to rent parts of insolvent Stomana JSC - Pernik. The Greek Sidenor will apply for the plant's privatization, stated the Minister of Trade and Tourism Mr. Valentin Vassilev. Gruppo Marcegaglia asked for 1 week to take a final decision about Kremikovtzi's privatization. Source: Standart (23.07.1999) |
| | A Russian holding and Ukraine company show interest in the management of Stomana JSC - Pernik. According to experts, this scheme is not acceptable because the company will soon be privatized by Greek company Sidenor or the equipment will be rented by Daru Metals or Deuferco. Source: Pari (26.07.1999) |
| | On July 22, 1999 were made changes in the Board of Directors of Stomana JSC - Pernik. In the place of Mr. Stefan Konakchiev was appointed Mr. Emil Sharanov, reported from the Ministry of Industry. Source: Sega (03.08.1999) |
| | 7 companies have applied to rent parts of Stomana JSC - Pernik, was reported on August 9. These are Daru Metals, Deuferco, Viohalko, Dipromet, Metal - Traders, Sigry, Laudy's International. Source: Pari (10.08.1999) |
| | At the General Meeting of Stomana JSC - Pernik was taken a decision for the enterprise to proceed to a one-tier management system. The new members of the Board of Directors are Mrs. Politimi Paunova from the Ministry of Industry, Mr. Emil Sharanov and Mr. Valentin Bakalov. Source: Standart (12.08.1999) |
| | Laudis International has lost its interest in the purchase of Stomana JSC - Pernik, was announced from the metallurgic enterprise. The representatives of the Israeli holding failed to turn up at the meeting with Stomana's management, which was scheduled for August 20, 1999. The potential buyers did not even seek the company's management to explain their failure to appear at the meeting. Source: Pari (25.08.1999) |
| | Daru Metals JSC Sofia has submitted an official offer in the Ministry of Industry for hiring the major production of Stomana JSC - Pernik, one of the Executive Directors of Daru Metals JSC Mr. Bozhko Bonev reported. The other potential candidates for hiring or purchase of parts from Stomana JSC are: Israeli Laudis International, Swiss Deferko and a Greek company. According non-official information Daru Metal JSC, which is an owner of Kremikovtzi JSC, represents the interests of the German company Metal Traders. Source: Democracy (30.08.1999) |
| | Stomana JSC - Pernik must be restructured, stated the Prime Minister Mr. Ivan Kostov. He also said that candidates for the plant's privatization are 2 US., 1 Russian and 1 Bulgarian companies. The offers for Stomana JSC will be examined in the period September 15 - 20. Source: 24 chasa (14.09.1999) |
| | Strategic investors want to buy Stomana JSC - Pernik. Among them are: one US company, Swiss Deuferco, German Metal Traders, Bulgarian Daru Metals. A Russian company has also shown interest in the plant's privatization. The assets of Stomana JSC amount to BGL 170 billion and its debts are BGL 250 billion. Source: Standart (16.09.1999) |
| | 5 private companies will sign contracts for initiation of joint-ventures with Varna Port JSC by the year's end, announced the port's Executive Director Mr. Stoyan Stumpf. These are Union Minier, Solvay - Sodi JSC and Italcemente. Glavbolgarstroy JSC and Stomana JSC - Pernik are still carrying on negotiations. Source: Pari (30.09.1999) |
| | By the end of October will be finalized the deal with Stomana JSC - Pernik, stated the Deputy Chairman of the company's Board of Directors Mr. Emil Sharankov. 8 companies have filed applications for rental of the enterprise. These are Bulgarian Daru Metals JSC - Sofia, Eurometal Ltd. - Sofia, the German Metal Traders, Japanese Sigri, Stomaneni Trabi JSC - Septemvri, Regal - 94 JSC - Veliko Turnovo, Swiss Deuferco, American Steel Industries - USA and the Russian Rossi. Source: Democracy (01.10.1999) |
| | European Commission took a decision not to initiate preliminary anti-dumping custom duties on the import of Bulgarian steel products in the EU, was reported from Public Relations Department of the Ministry of Finance. Source: BTA (01.10.1999) |
| | Unsettled debts of companies to National Insurance Institute (NII) for the first half of 1999 are in the amount of BGN 155.151 million. Among the biggest debtors are Pernik Mines, Marbas Mines, Bobovdol Mines, Stomana JSC - Pernik and Varnenska Korabostroitelnitza JSC - Varna. Source: Pari (07.10.1999) |
| | Rudolf Robinson Steel ompany - USA has shown interest in the privatization of Stomana JSC - Pernik, through its daughter company International Steel Industries. This can be done only through rental of the company's assets, since it was proclaimed insolvent. International Steel Industries will invest USD 20 million in Stomana JSC. Source: Standart (08.10.1999) |
| | Bulgarian company Eurometal Ltd. and German Metal Traders joint their offers for rental of Stomana JSC. Negotiations will be continued with Rudolf Robinson (USA), Deuferco (Switzerland) and Eurometal Ltd. and Metal Traders. The offer of Daru Metals JSC dropped out. Source: Sega (15.10.1999) |
| | The final round of negotiations on leasing Stomana JSC - Pernik starts today. The US Rudolph Robinson, the Italian Duferco and the German Metal Traders in cooperation with the Bulgarian Eurometal Ltd. bid for the major production. Of them Rudolph Robinson and Duferco prefer a lease agreement with subsequent buyout. The credits of Stomana JSC are more than USD 130 million. Source: Pari (26.10.1999) |
| | By the end of this week will be announced the company to lease the assets of Stomana JSC - Pernik, stated the company's Director Mr. Valentin Bakalov. Negotiations were carried on with Duferco and Rudolph Robinson. Source: Pari (28.10.1999) |
| | Italian Duferco, registered in Switzerland, Eurometal Ltd. - Pernik and Metal Traders - Germany will carry on final negotiations for lease on the assets of Stomana JSC - Pernik. The offers include subsequent purchase of the assets. Duferco intends to retain 1000 jobs, and the consortium between Eurometal Ltd. and Metal Traders will retain 2100 of total 5358 jobs. Source: Pari (01.11.1999) |
| | The decision for leasing of Stomana JSC was postponed for an indefinite period despite the fact that the plant can normally work till tomorrow, stated its Executive Director. Last week unofficial sources said that a decision has been informally made in favour of Eurometal Ltd. and Metal Traders - Germany. Source: Pari (05.11.1999) |
| | Metal Traders and Eurometal Ltd. have been selected leaseholders of Stomana JSC - Pernik basic production for a period of six months and a provision for leaseholders to later buy it out. The rental stands at USD 72,000 per month. The agreed investments amount to 34 million for five years. The leaseholders guarantee to keep 2,100 working places and the works to manufacture up to 600 000 tones of production. Source: Capital (08.11.1999) |
| | American Rudolf Robinson, which was not selected for leaseholder of Stomana JSC - Pernik last week, has sent a protest letter to the Prime Minster Ivan Kostov and the Deputy-Prime Minister Alexander Bozhkov against the bad consideration of the offers. Rudolf Robinson offers investments with USD 28 million more than its competitors and is ready to keep all current 2480 working places in Stomana JSC. American company also offers a price of USD 13 million to buy Stomana JSC. Source: Democracy (12.11.1999) |
| | 879 have retired from Stomana JSC - Pernik since the beginning of the year, reported from the company. 445 of them retired, 20 were laid off. Source: Standart (16.11.1999) |
| | Stomana JSC - Pernik has been damaged with BGN 37.1 million in the period 1997 - March 1999. This was found out after a revision of State Financial Supervision. BGN 36 million are damages from sale of output under its actual cost. Source: Standart (18.11.1999) |
| | The Directors of Metal Traders Mr. Joachin Krammer and of Eurometal Ltd. Mr. Ludmil Stoykov signed the contract for leasing of the assets of Stomana JSC. The monthly rent amounts to USD 73 000. USD 13.5 million will have to be paid according to the company's reconstruction programme. Source: Sega (02.12.1999) |
| | Another 6 workshops in Stomana JSC will be offered for lease, stated the Director Mr. Valentin Bakalov. Eurometal Ltd. is not among the candidates for leasing these workshops. Source: Standart (10.12.1999) |
| | In 2000 will be closed one of Stomana's workshops because there are no candidates to lease it, stated the plant's Director Mr. Valentin Bakalov. Source: Standart (13.12.1999) |
| | Stomana JSC may stop working if the trade unions and Eurometal Ltd. and Metal Traders do not reach and agreement. Source: 24 chasa (30.12.1999) |
| | Eurometal Ltd. and Metal Traders, the new leaseholders of Stomana JSC - Pernik, did not re-appoint 3500 workers who stopped their protests and went back to work. 1200 of them will be laid off within 6 months. Source: Monitor (05.01.2000) |
| | ViK - Pernik stopped the water supply to Stomana JSC because of debts of BGN 900.000. Source: 24 chasa (13.01.2000) |
| | EU imposed a 7.5 per cent penalty duty to import of steel from Bulgaria, India, Yugoslavia, Taiwan. Source: 24 chasa (09.02.2000) |
| | With the rental of Sromana JSC by Metal traders and Eurometal Ltd., the company stopped working at a loss, announced Executive Director Mr. Valentin Bakalov. In February the plant produced 29 t metal. Source: Standart (16.03.2000) |
| | The leasers of Stomana JSC - Pernik - Eurometal Ltd. and Metal Traders, signed a new collective labor agreement with the two trade unions in the plant. Source: Pari (23.03.2000) |
| | BGN 125 000 will be invested for renew of the ecological equipment in a workshop in Stomana JSC - Pernik, announced the Chief Ecologist Mr. Dimitar Dimitrov. Source: BTA (04.05.2000) |
| | According to the revisions, made by the syndics of the bankrupted banks showed that the liquidation continues too long and all consulting services were paid at a very high price and the property was sold at very low prices, stated the Director of State Financial Control Mr. Tzvetan Tzvetkov. The inspection reveals misappropriations for Balkanbank JSC, Stomana JSC - Pernik, VMZ-Sopot and Zaharni zavodi - Gorna Oriahovitza. Source: Sega (22.05.2000) |
| | 500 workers will be dismissed in Stomana JSC within a month, was reported from the company. Within July 1 in the metalurgic company only 30 workers will remain in the company, claims the Executive Director Mr. Valentin Bakalov. A month ago there was a competition for selection of buyers for 14 supporting productions in Stomana JSC. There were candidates for all work-shops, except one. From the sale of the assets are expected incomes of BGN 25 million. Source: BTA (05.06.2000) |
| | The Executive Director of Stomana JSC Mr. Valentin Bakalov declared that the concrete-dolomite work-shop of the company is in liquidation. The raise in the prices of the natural gas and the old producing method are the main reason for the stop of the work-shop. 60 workers were hired in the work-shop but now 30 of them are dismissed. 65 per cent of the expenses in the prime cost are for the natural gas. The work-shop was declared for sale two times but all the candidates gave up after researches.The equipment will be declared for sale. Source: BTA (12.06.2000) |
| | The current tenant of Stomana JSC, the company Eurometal JSC buys the metalurgic plant in Pernik. This was stated by the syndicate of the company Mrs. Violeta Manolkova. The new name of the company is Stoman industry. However, the current partner of Eurometal JSC - the German company Metal traders won't take part in the deal. The transfer of the property will begin after the paying in of the first installment by Eurometal JSC in amount of USD 3 million. Source: Standart (14.06.2000) |
| | Metal traders did not give up from Stomana JSC, stated the President of Eurometal Mr. Ludmil Stoikov. The creation of the new company was a result of the preliminary negotiations between Eurometal and the German partner, that assured it will take part in the new company with about 10-15 per cent. Source: Pari (16.06.2000) |
| | Stomana JSC - Pernik will pay all compensations for the dismissed workers, stated the Executive Director Mr. Valentin Bakalov. The funds will be provided by current sales of the work-shops. Only 33 per cent of the workers received their compensations and within 10 days the buyer of the new production has to pay USD 3 million. USD 1 million are for the dismissed workers. Source: 24 chasa (20.06.2000) |
| | The Management of Stomaneni trabi Septemvri started to cut machines and equipments for old iron. The process started 2 months ago. Source: Maritsa (20.06.2000) |
| | In 1999 the company Stomana JSC produced 306 160 t steel, 164 799 t sheet iron, 87 132 t rolled iron and others. This became clear at the General Meeting of the company. It was recorded that the plant was well-provided-for in half with scrap because of the reduced demand and the rushing drop of the prices at the international market of the milled ferrous metals in comparison with these of the scrap. The realized loss from the main activity is BGN 72 216 000 that is with BGN 36 029 000 more compared to 1998. The financial condition of Stomana JSC as of December 31 1999 was very bad and this was confirmed in the declared by the Court procedure of insolvency. The company is with a negative value of the fixed capital in amount of BGN 122 080 000. Source: BTA (26.06.2000) |
| | Bribank was allowed to purchase the closed Stopanska Bank. The new owner will distribute BGN 80.1 million among the creditors of the bankrupted company. Among the debtors of the bank are the metal-dressing complex Krivoi Rog in Ukraine, the Bourgas shipyard, the company for towels Oborishte, Stomana, Kremikovtsi, Leko-ko and others. The total face value of the credit portfolio is about BGN 200 million. Even if 10 per cent of this sum is accumulated Bribank without any effort will get from its debtors about BGN 20 million. The sum is almost equal to the capital of Bribank. Source: Banker (26.06.2000) |
| | 1389 workers were dismissed from Stomana JSC last year, stated the Executive Director of the plant Mr. Valentin Bakalov. In the beginning of 1999 in Stomana JSC worked 5274 employees. Source: Standart (28.06.2000) |
| | Pernik District Court quitted the procedure of insolvency of Stomana JSC. This happened after the court confirmed the reconstruction plan of the metallurgic company. The defined in the plan value of the assets in amount of BGN 42 700 000 is quite fair and guarantee the payments even at the most unpropitious market conditions. The total face value - BGN 180 953 201.45 of the receipts of the creditors from the fourth classes to the company-owner is 4 times more. Only the first three classes will be satisfied. among which are TSBank, the workers and the public-state receipts. Source: BTA (12.07.2000) |
| | After Pernik District Court accepted the developed reconstruction program of Stomana, the company Eurometal, which became the owner of an isolated part of Stomana, had to remit a sum of USD 2 million to the provided-for creditor - TSBank and USD 1 million on the account of Stomana in one-months period. According to information from the company, Eurometal has already remitted the first part to the provided-for creditors of the bank. From the beginning of next week, the payment of the due sums to the discharged employees of Stomana will start. Eurometal must remit USD 15.4 million for a period of 5 years, in order to provide for the financial execution of Stomanas recovery plan. Source: Pari (25.08.2000) |
| | Eurometal JSC, which became the owner of the main work shops of Stomana JSC has invested more than DEM 3 million in reconstruction and repair works, was announced by the company's director Mr. Emil Sharankov. The received orders guaranteed 100 per cent its loading by the end of October - in September only the plant is expected to produce more than 30 000 t of production. Source: Pari (13.09.2000) |
| | The total amount of the 7 objects sold by this moment is BGN 32 742 000. The company has received BGN 2 699 000 of them. BGN 42 668 446 is the minimum which Stomana has to receive from the sale of 56 detached objects. For example an applicant for the forge-press work-shop is Leko-Ko Radomir. Source: Pari (29.09.2000) |
| | The big creditors of Stomana JSC were granted their credits back, was announced by the Executive Director Mr. Valentin Bakalov. Preliminary contracts for the sale of 7 isolated parts were signed. The creditors from first and second class were granted with the sale of the biggest isolated part Steel-extraction of the preferred buyer Stomana Industry SP Ltd. Stomana Industry SP Ltd. remitted USD 3 million. The creditor from first class TSBank was granted USD 2 million, and the receipts of the workers and employees were liquidated with USD 1 million. Source: Democracy (03.10.2000) |
| | The debt of Kremikovtsi JSC to Port Bourgas JSC amounts to BGN 4 million. Mr. George Dereliev, Executive Director of the port, signed an agreement of the metallurgical factory for the paying off of the debt, according to which Kremikovtsi must sink its debts for a period of 2 years. Another big debtor to the port is the factory Stomana JSC - Pernik. Source: Pari (03.10.2000) |
| | Stomana industry JSC that according to the reconstruction plan of Stomana acquired the right to buy the main production in the metallurgic company in Pernik, is selling a part of its share to a Greek company, stated the Director-Prosecutor Mr. Emil Sharankov. At the moment there are negotiations for creation of joint-venture company with Vio Halko - a leading producer in the field of the non-ferrous metallurgy in Greece. Stomana industry is registered by the former lodger Eurometal. It bought 16 work-shops, 4 of which are the biggest. The price of the deal is USD 13.5 million. Maximum 50 per cent will be sold to the German company. Vio Halko was an owner of the plant for non-ferrous at Iskar station and built a plant for alumnum profiles in Sofia. Source: BTA (01.11.2000) |
| | With 5 per cent will increase the prices of the final products of Stomana JSC after the final raise of the prices of the gas, announced Mr. Ludmil Stoykov - a President of Eurometal Ltd. Between USD 6-10 per ton will increase the price of the metals in November. According to Mr. Stoykov the high price of the gas prevents the foreign investors. 80 per cent of the production of the company is for export and it is realized mainly in the countries from the European Union. At the moment in the company are working 2 360 workers. Source: BTA (06.11.2000) |
| | It is a question of a sum of about BGN 240 000. According to the Executive director Mr. Valentin Bakalov the management have depended to this money to pay to the State for the Added Value Tax. On the other hand Lekoko is late with its implement because it is waiting for the tax administration to return it the money from the Added Value Tax. According to the contract for the sale of the Mechanical department the postponement gives Stomana the full right to cease its action. The big expectations of the creditors are connected with Evrometal - a leading shareholder in Lekoko and owner of the main department in the plant. The liquidation plan says that their money from Stomana JSC the State and the workers will receive and full amount. The companies that purchased the debts of the secured creditor - the former TSBank may depend on 16.78 per cent of the face value of their claims. The official owner of the main department is Stomana Industry SPLtd. But all shares in it holds Evrometal. Apart from the main production and the mechanical department in private hands are five more detached parts of the plant The price that was negotiated for them is BGN 1.8 million. Stomana posses also warehouses, plots, holiday stations and departments for which there have been no applicants. The procedure over the sale of these assets will take some time. The reason is that on the General Meeting of Stomana which took place on 28 September this year was decided these assets to be evaluated and to be offered on open auctions. Source: Banker (20.11.2000) |
| | The Ministry of Economy permitted the sale of the rest 51 per cent of the assets of Stomana JSC, declared the Executive Director of the company Mr. Valentin Bakalov. Some of the work-shops and areas for restoration will be for sale. There are clients with letters for intentions who are ready to buy. The funds are necessary for the metallurgic company in order to pay its debts to the National Insurance Institute, local taxes, fees. So far from sales Stomana JSC has received USD 3 million and BGN 1 million. Except Eurometal JSC, another Bulgarian companies purchased 6 work-shops. According to the reconstruction plan the deadline for selling-off of the assets of the company is 5 years. At the moment in Stomana JSC are working 110 employees. Source: BTA (22.11.2000) |
| | 4 detached parts and equipment of Stomana-Pernik will be sold at an auction on December 22. The auction will be with open bidding and will take place in the building of the company. The initial price of the steel work-shop is BGN 120 000 and for the work-shop for protective mixes the initial price is BGN 38 000. In accordance with the reconstruction programme there have so far been dealed 7 preliminary contracts for sale of objects from the plant in Pernik at the amount of BGN 32.742 million. From them in Stomana JSC were transferred about BGN 2.7 million. Source: Pari (18.12.2000) |
| | With a decision of the Board of Directors and the syndics of Stomana JSC, Pernik will take place public auctions with open bidding for the sale of 5 detached objects from the company, was reported from the Ministry of Economy. With the incomes from them will be covered a part of the obligations to the creditors of the company. The procedures of the sale of the assets were defined by the Minister of Economy Mr. Petar Zhotev and are a part from the requirements connected with the reconstruction plan of the company, from which 75 per cent are state-owned property. Source: BTA (22.12.2000) |
| | Five workshops of the metallurgical plant Stomana JSC - Pernik will be sold at public auctions. This was decided at the companys Board of Directors yesterday. The five privatization procedures have been already approved by the M MInister of Economy Peter Zhotev. Source: Pari (29.12.2000) |
| | About 200 companies are among the biggest debtors to the National Insurance Institute. Among the biggest debtors are Stomana Pernik, Vidahim JSC, Kwartz JSC, Plama JSC, Polimeri JSC, Kitka JSC, Stara reka, tezhko Mashinostroene, Berg Montana fittingi JSC and Promet JSC. Source: Trud (04.01.2001) |
| | Two of the declared for sale objects of Pernik-based metallurgic company Stomana JSC were sold for totally BGN 1.7 million, was reported from the Ministry of Economy. Sofia-based company Fericom Ltd. bought at public auction equipment for the amount of BGN 1 614 080. Initially the declared price for the equipment was BGN 388 000. Silikathim Ltd. won the auction for the steel work-shop as the only one candidate. The offered price is equal to the initially declared - BGN 120 000. With the incomes from the sale of the objects will be paid off a part of the debts of Stomana JSC to the creditors. Source: Standart (08.01.2001) |
| | Economic and Investment bank whose Director of the Supervisory Board is Mr. Slavcho Hristov initiated a case for declaration in insolvency of Russalka holiday village. At the moment the debts of the resort are in amount of USD 1.2 million with the interests included. Except Russalka in the credit portfolio of the former Economic bank there are receipts from Bulgarleasing JSC, Kremikovtzi JSC, Stomana JSC, Promet JSC, Bourgas Shipyards JSC and Ocean Fishing JSC. Source: Capital (27.01.2001) |
| | With a decision of February 27, 2001 Sofia Appeal Court confirmed entirely the decision of Pernik District Court as of July 10, 2000 for approval the reconstruction plan of Stomana JSC. With it was rejected the complaint of Bulgargas. The Court approves the concept set in the reconstruction plan that the creditors from 4th grade among which is also Bulgargas, will not receive certificate. In Stomana now are working 2 500 employees with an average working salary of BGN 403. Source: BTA (05.03.2001) |
| | In the accepted from the government project for amendments the Energy Law foresees that third countries the admit the electro-supply system of NEC will start from 1 January 2002. In it are not specified the criteria which has to satisfy a certain enterprise in order to enter the group of the big consumers. In the international practice this usually happens with establishment of the amount of annual consumption. In the project of Mr. Dimitar Ivanov is given such a criterion - 1000 million kilowatt hours annually. This is the consumption of metallurgic plants and the enterprises from the chemical industry. If this limitation is accepted in the group of the privileged consumers will be included Kremikovtsi, Stomana, Agropolichim, Neftochim and Chimko, commented from Energoproekt. Source: Capital (16.03.2001) |
| | A Court claim slows down the negotiations with a foreign investor that has an interest in Pernik-based Stomana, declared the Director of Metalitzi to KNSB Mr. Vassil Janachkov. The claim is from Bulgargas that litigates the reconstruction programme of the company and wants it to be stopped. The gas monopolist insist Stomana on starting the payment of its debts. According to the reconstruction programme Bulgargas is a creditor 4th grade and will receive its funds last. The argues prevent Eurometal, an owner of 50 per cent of Stomana from the negotiations for establishment of joint-ventured company with a foreign investor. Source: Sega (05.04.2001) |
| | The syndical leaders from the state-owned company Stomana JSC - Pernik that is in insolvency threatened with protest activities in case the Government does not make Bulgargas to retract its claim against the reconstruction plan of the company. Source: Dnevnik (06.04.2001) |
| | According to the syndicate (KNSB) the Greek group Viohalko wants to invest USD 50 million for renew of the production capacities of Stomana JSC in Pernik. But this may happen after the restructure of the property and at execution of the reconstruction programme for the company. The accepted reconstruction programme for the company was disputed only by Bulgargas SP JSC, reminded KNSB. BGN 28 million are the debts of Stomana JSC to Bulgargas. If Stomana - Pernik is declared in liquidation, 2 333 will remain without work. Source: BTA (12.04.2001) |
| | Bulgargas withdrew its claim against Stomana in Pernik Appeal Court, was reported from the Ministry of Economy. The Management of the company sent an informing letter for its decision to the Minister of Economy Mr. Zhotev. The debts of Stomana amount to BGN 180.953 million from which the receipts of Bulgargas are BGN 33.5 million. Since Stomana pays its current accounts, its debts to Bulgargas reduced to BGN 27 million. Source: BTA (13.04.2001) |
| | Stomana - Pernik increased its export for Italy over the first months of this year. While over the last year for this country was realized export of 3 000 - 4 000 t, at the moment there are being sold 3000 t steel per month. The company is the biggest buyer of scraps from ferrous metals in Bulgaria and processes about 40 000 - 50 000 t scrap per month. The factory has been in procedure of insolvency since 2000 and the metallurgic production is rented by Eurometal Ltd. The debts of Stomana are BGN 180 953 201. The Greek group Viohalko takes interest in the company. Source: Dnevnik (18.04.2001) |
| | The final restructure of Stomana may finish earlier than the expected in the reconstruction plan 5-year deadline, declared the Deputy Prime Minister Mr. Petar Zhotev. The reconstruction programme of the company will go on when Bulgargas withdrew its claim for declaration of Stomana in insolvency. The total amount of the debts of the company amount to DEM 300 million and the evaluation of the assets exceeds DEM 40 million. For the first quarter of 2001 the profit realized by the detached part Stomanodobiv is in amount of BGN 1.2 million. Buyers of 13 detached parts from the structure of Stomana were selected. Source: Standart (28.04.2001) |
| | The detached part Steel extraction in Stomana - Pernik reported a profit of BGN 1.2 million for the first quarter of the year against BGN 800 000 for the whole 2000. Eurometal is a lodger of Steel extraction. The Management of the company offered an introduction of lower prices of the electricity over the rest days. Source: Capital (07.05.2001) |
| | Eurometal JSC and the biggest Greek company for manufacture of profile steel Sidenor that is a part of Viohalco holding, dealed the participation of the Greek company in the shareholders' equity of Stomana industry JSC. Stomana industry is the branch of Eurometal in Pernik and is expected the company to acquire the major assets of the state-owned company for production of steel products Stomana-Pernik after finishing the necessary legal procedures. Stomana industry JSC is in process of evaluation of investment programme for modernization of the production capacities for increasing its productivity and competitive power. Source: Pari (10.05.2001) |
| | The Greek metallurgic holding Viohalko that is an owner of the plants Sofia med and Stilmed will buy a part from Stomana, Pernik. 25 per cent from the capital of Stomana - Pernik were privatized over the first wave of the mass privatization and the rest 75 per cent are still property of the State. Viohalko will finance the buying-up of the assets from the subsidiary of the present lodger Eurometal - Stomana industry JSC. The negotiations between the two companies are still finished. It was also signed a preliminary agreement and is expected Stomana industry to become the owner of the plant by the end of the month. it is only known that the initial investments will be about EUR 100 million. Source: Standart (14.05.2001) |
| | The new warehouse base of Stilmet JSC in the western industrial zone of Varna was officially opened yesterday. The Trade Director of the company Mr. Anton Petrov specified that in it were invested BGN 1 million and another BGN 600 000 circulation funds. It is envisaged the base to service the whole North-eastern Bulgaria. Source: Black sea (16.05.2001) |
| | The Austrian chain Magic life club that is a part of the German consortium TUI group is going to rent the hotel complex Dujni. The reconstructed and renewed hotel complexes Pelikan, Marina, Holiday and Village that are hired by the Austrian chain for 6 years are united in Bulgarian club Magic life. The President of the club Mr. Jame Keneigh declared that the amount for the rent is quite high but he hoped the Bulgarian club to become one of the most wanted. Over this season are expected in the resort about 15 000 tourists from Austria, Germany and Bulgaria and the intentions of Magic life are the season to be prolonged by October. Source: Dnevnik (21.05.2001) |
| | The representation of the Greek group Viohalko for Bulgaria announced that their company Teprometal SP Ltd. won an open-bid tender for one of the work-shops of Stomana - Pernik. The Greek company will also buy the rest of the company but in partnership with Eurometal. The deal for Stomana will be finalized within 10 days, said Mr. Anton Petrov who is Executive Director of Stilmet JSC and representative of Viohalko for Bulgaria. The price at which the buyer won the work-shop is BGN 7.2 million. Source: Dnevnik (28.05.2001) |
| | The negotiations between Stomana industry and the Greek company Viohalko for the merge with the metallurgic plant in Solun Sidenor are about to finish, announced the President of the company Mr. Ludmil Stojkov. The contract that will be signed after the elections envisages a rise in the capital of the company two times up to USD 28-30 million and up to USD 50 million in the end of the year. The freash funds will be invested in the main manufacture for renew of the steel extraction. It is expected as of the beginning of July the salary in the company to be increased with 10 to 18 per cent. Source: BTA (13.06.2001) |
| | Stomana industry became owner of 50 per cent of the assets of Stomana-Pernik, was reported from the Ministry of Economy. Stomana industry is 100 per cent property of Eurometal Ltd-Pernik. The transfer of rented assets from Stomana in Stomana industry is a part of the reconstruction programme in which is said that the assets will be rented with a next clause for buying out. Stomana has debts of USD 80 million. The planned investments in Stomana will be between USD 60 and 100 million. Source: Pari (18.06.2001) |
| | The Greek Viohalko invested EUR 70 million in the reconstruction and renew of the Plant for processing of non-ferrous metals - Iskar station. In the spring of 2000 the company bought the plant through the registered in Bulgaria Sofiamed JSC. Source: Standart (22.06.2001) |
| | The Greek company Sidenor that is a part of the concern Vihalko took officially the management of Stomana-Pernik when bought 56.25 per cent of the assets of the company. The company will invest USD 70 million for realization of the investment programme and for payment of the envisaged obligations in the reconstruction. Source: Struma - Blagoevgrad (03.07.2001) |
| | According to the report of the expert- accountant Hristina Vucheva Stomana JSC finishes the year with a loss of BGN 46 713 000. The procedure for bankrupt could not be accomplished as the plan for strengthening is finished as one of the creditors -Bulgargas stopped it. The company has a negative value of the own capital in size of BGN 46 713 000. Compared to 1999 there is a slight improvement of the financial state of Stomana, reported the expert-accountant. Valentin Bakalov Executive director of the Stomana explained that the plan for strengthening is based on a sum BGN 42 700 000 as minimum that Stomana has to receive from the sale of the separat5ed 56 objects. Source: Pari (08.08.2001) |
| | BGN 40 million are necessary for the payment of the pensions during July in Pernik region, announced the Director of the Regional administration Social services in Pernik Mr. Stanimir Stojanov. However only 46 per cent of this amount was gathered on State Public Insurance account. Because of the many mine and metallurgic workers who live in Pernik region, the average pension there is the highest for the State - BGN 106.50. Source: Pari (29.08.2001) |
| | 18 per cent of the employees of Stomana Industry - Pernik will be discharged. About 429 people have to be dismissed, but there are free working places so the exact number of discharged will be about 310 people. After the discharges about 2000 people will work in the plant. The salaries will be increased with about 20 per cent. The new owner of the company is the Greek Vio Halko. Source: Dnevnik (10.09.2001) |
| | A debt of USD 5 million of Stomana was paid. This is a significant part of the total debt which is USD 13.5 million. In accordance with the reconstruction program of the plant the debts have to be paid to the creditors in term of five years, but the management of Stomana industry plans to reduce this term to 1-2 years. Source: Standart (17.09.2001) |
| | Ladimex holding bought the resort in Rudartzi for BGN 565 000 that includes open and closed swimming pools, hotel-restaurant, tennis courts and other sport equipments. The purchase was executed on the initial auction price - BGN 565 000 because there were not other candidates. Ladimex holding is the owner of the southern Black sea resort Djuni and is shareholder in Stomana - Pernik. Source: Standart (23.10.2001) |
| | The price of the products of Stomana has fallen with 15 per cent as compared to their level in the beginning of the year. The reason for the fall is the stagnation on the international market. The company in Pernik produces about 40 000 tons of steel monthly. The revival in the steel markets is expected during March next year. Source: BTA (09.11.2001) |
| | The Executive Director of Stomana JSC Mr. Valentin Bakalov announced that the compensations of the workers and employees who were dismissed were paid with the exception of the people who were dismissed during May and June 2000. Stomana JSC will pay 100 per cent of the of the holidays of all dismissed workers. The total amount of the paid compensations is about BGN 6 million which is nearly 60 per cent of the debts of Stomana to the employees in accordance to the reconstruction programme accepted by Pernik District Court. Source: Pari (27.11.2001) |
| | 1500 workers from Stomana industry signed under a request for payment of the unpaid salaries and holidays. Over BGN 10 million have come in Stomana from sale of the major funds since the beginning of the year until now, declared the syndical leader. BGN 5 577 688 are paid on the expenses for the insolvency. From them BGN 493 762 are for holidays. According to the reconstruction plan the funds have to be paid for a period of 5 years, as of May 17, 2001. Source: BTA (29.11.2001) |
| | The Greek company Vio Halko is negotiating with Stomana for purchase of 350 decares ground and 6 non-industrial buildings, announced the Executive Director of the metallurgic company Mr. Valentine Bakalov. The preliminary price of the deal is BGN 1 660 000. The Greek investors want to make a big repair base on the territory of Stomana that will service their plants in Bulgaria and Greece, situated around Solun. This summer Vio Halko bought 17 work-shops from Pernik-based enterprise. Source: BTA (13.12.2001) |
| | Stomana - Pernik most probably will be one of the shareholders in a Japanese plant for processing of old automobiles in Lom. The construction of the enterprise has to start in 2003 and for it are necessary USD 200 million. That's why Japanese investors and the Government will look together for the future shareholders in the company. Source: Standart (19.12.2001) |
| | Pernik companies owes about BGN 35 million for Total Income Tax. Stomana headed the competition list with about BGN 21 million. Other big debtors are Mini - Pernik, Cristal and others. 25 enterprises are given to the State Claims Agency. Source: Monitor (25.01.2002) |
| | Pernik requested the resignation of the Deputy Minister of Economy Mr. Kaloyan Ninov. The reason for the request is the postponement of the deal for the sale of the plant for special steels Danieli. The request for the resignation was made by the trade unions with a subscription among present and former employees of the company which few years ago was sold for BGN 5 million by the former Deputy Minister Mr. Marin Marinov. Later Mr. Levon Hampartzumian conducted another auction which was won by a Russian consortium, which offered for the equipment BGN 28.2 million. The Ministry of Economy has not given its approval for the deal yet. Source: Standart (25.02.2002) |
| | The General Meeting of the creditors of Plant for processing of non-ferrous metal elected for syndics of the company Mr. Tzvetan Bankov and Mrs. Violeta Manolova. They are also syndics of Stomana, Pernik. Since the former syndic of the company Mrs. Anna Milenkova was dismissed Mr. Bankov and Mrs. Manolova were temporary appointed for syndics. The change became possible after K&K Commerce company was excluded from the list of the creditors of the company because in accordance to the privatization contract Bulmetal company, property of Mr. Tzvetelin Kanchev is obliged to attend the debts of K&K Commerce at total amount of BGN 27 million.Thus the debts of plant were reduced from BGN 30 million to BGN 3 million. The main part of the debts is to Umicore Copper, to the security company Atlas and to the former employees. Source: Banker (25.02.2002) |
| | About 80 per cent of the debts to the dismissed workers of Stomana Pernik has been already paid. More then 3500 people were dismissed from the metallurgic factory. The amount of the sum paid by this moment is more than BGN 7 million. BGN 1.5 million are necessary for the payment of the full amount of the debts to the former employees. Source: Dnevnik (06.03.2002) |
| | The Board of Directors of Stomana JSC, Pernik convenes an Annual General Meeting on May16, 2002. The agenda of the meeting includes the following:
1. adoption of the company's Annual Report for 2001
2.election of an auditor
3. changes in the Board of Directors Source: State Gazette (09.04.2002) |
| | The Greek company Vio Halko invested over this year EUR 19 million in Pernik-based metallurgic company Stomana, announced Mr. Anton Petrov who is a representative of the company for Bulgaria. There will be a modernization in one of the work-shops and it will be done together with the Japanese company Nipon style on their know-how. In the manufacture will be introduced electronics that will control the quality. The steel production is increased two times and at the moment is 42 000 - 43 000 t per month. Vio Halko possesses 75 per cent of Stomana's assets. Source: BTA (10.04.2002) |
| | Bulgarian Post Bank /BPB/ JSC - Sofia announced that its credit portfolio for 2001 amounts to BGN 310 million. This is with 72 per cent more than the last year's BGN 180 million, member of the BPB Board of Directors Mr. Atanasios Petropulous reported. This ranks BPB fourth among the crediting institutions in Bulgaria, he commented. For the first quarter BPB's credit portfolio has grown further by 10 per cent. By the year's end we plan to raise by another 50 per cent. Some 95 per cent of the loans are extended to Bulgarian companies, said Mr. Petropoulos. Among them are Globul, Stomana, Sofia Mel, glass factory Druzhba JSC - Plovdiv. Source: Pari (10.04.2002) |
| | Assets of Stomana JSC, Pernik at total value of BGN 1.53 million were sold to the Sofia-based Teprometal SPLtd on Wednesday. In accordance to the mechanism, announced in the reconstruction plan, this sum will be used for payment of the debts of the company. The State remains owner of 75 per cent of the capital of the metallurgic factory. Source: Dnevnik (18.04.2002) |
| | Two of the managers of Stomana-Pernik were released from their positions at the General Meeting of the company. By proposal of the principal of the company - the Ministry of Economy the Executive Director Mr. Valetin Bakalov was released from his position. The Chairman of the Board of Directors Mrs. Politimi Paunova is replaced by Mrs. Evgenia Ignaotva - an employee of the Regional policy department of the Ministry of Economy. Mr. Spas Hristov, 54, is the new Executive Director of Stomana JSC - Pernik. Mr. Hristov graduated Metallurgy in the Czech Republic and worked in Kremikovtzi JSC. Currently, 85 per cent of the Stomanas assets are sold. The Greek Viohalco Group is the owner of 18 work-shops of Stomana. Till the end of the last year the amount of BGN 40 130 854, without VAT, was realized form sale of the companys assets. Source: BTA (17.05.2002) |
| | The main stimulus for the development of the business in Blagoevgrad District is the closeness to the Greek and Macedonian border. The closeness to the capital city is not so important. For example the Greek company Viohalco which developed its green-field investment in Sofia (Steelmet company) not in a district near to it. By the scheme debt for property Viohalco became an owner of the assets of the Sofia-based Steelmet. The centre of the distric - Pernik City kept its main production - Stomana, despite the fact that it is not working at the same scale as in the past. Stomana Industry is a joint venture between the Greek company Sidenor and the Bulgaria Eurometal. In the middle of the last year it became an owner of the steel processing manufacture of the Pernik-based metallurgic plant. By this moment in the company are invested totally BGN 40 million, announced the member of the Board of Directors of the company Mr. Anton Petrov. According to him the investment programme for this year is at a value of EUR 19 million. Another company of Viohalco - TePro metal purchased the work-shop for processing of metals of Stomana for BGN 7.5 million and additional plots and building from the factory at a value of BGN 3.5 million. Source: Capital (22.05.2002) |
| | Pekin requested to be established an expert team of WTO which will review the duty rates for the import of steel in amount between 8 and 30 per cent imposed by USA during March. China is the fourth member of the organization who requested such a review. The other three members are EU, Japan and Korean Republic. Norway, New Zealand and Switzerland started consultations with USA in the frames of WTO. If the countries reach an agreement their demands will be united and there will be only one group. The claim of China will be discussed on June 7, at a Meeting of the Commission of WTO. As a answer to the American duty rates China imposed duty rates in amount of between 7 and 26 per cent over the import of nine categories steel products from USA for a term of 180 days. Source: Pari (29.05.2002) |
| | USA officially requested consultations with EU in the frame of the WTO about the protection measures for the import of steel, which are initiated by EU. If the consultations are finished within a term of 60 days will be established a work team from WTO which will solve the problem.This American initiative is a new episode in the world steel conflict, which is continuously growing. During April EU imposed duty rates in amount of between 14.9 and 26 per cent over fifteen types of steel products after USA imposed duties in amount of between 8 and 30 per cent for a term of 3 years. Washington is discussing the idea for excluding some specific steel products produced in the countries from EU from the list of the products on which are imposed the new duties. It is not a surprise as when the American duties are approved by the WTO EU and Japan will raise the amount of their duty rates as well. Meanwhile it became clear that during April - the first full month during which the new duties are efficient the American companies continued to import smaller amounts of steel. As the American Ministry of Trade reported during April the American companies have imported 1.7 million tons of steel, 1.2 million tons of which were affected by the higher duty rates. This amount of the import shows a decrease as compared to the previous periods - 1.8 million tons during March and 2.8 million tons during February. Source: Pari (03.06.2002) |
| | The countries-members of the World Trade Organization approved the proposal to be established an independent expert group which will review the American import steel duties. The task of this group is to decide whether the new duties for import of steel in USA are in conformity with the international trade agreements. The establishment of this group was proposed by EU. The motif was that duties which were imposed during March are illegal and will cause losses in amount of USD 4 billion annually to the European steel producers. Japan, South Korea and China supported the demands of the European Union. At the meeting commission of WTO last month USA blocked the establishment of an expert group but they were not able to do same at the second discussion. The three experts from the group will be elected next month. They will have half an year to make and announce their decision. It may be appealed by each of the parties and the final position on the problem will be announced it the end of next year. Source: BTA (04.06.2002) |
| | Stomana JSC started the payment of compensations which it owes since 1999. These compensations were the reason for the postponement of the retirement of 102 employees, announced the Executive Director Mr. Spas Hristov. The company has paid its debts to 62 of them last month. The rest of the employees will receive their money during September. The finances for the payment of the compensations are provided from the sale of the steel-processing equipment. The purchaser Stomana Industry transfers BGN 584 000 each quarter. The deadline for the payment of the debts to the employees in accordance with the reconstruction plan is 2005. It is expected that fixed tangible assets of the company will be sold soon as well. Source: Pari (10.07.2002) |
| | In 2000 Sopharma JSC was privatised as well. For USD 24 mln. Elpharma (founded by Unipharm JSC and Electroimpex JSC) bought 66.94% of the capital of Sopharma. The buyer undertook the investing of USD 7.5 mln. in three years. Source: Dnevnik (29.07.2002) |
| | Companies from Pernik region owe for insurances BGN 37.871 million. The debtors are 65 with amounts over BGN 10 000. 12 of the companies that accumulated big debts are observed by International Monetary Fund. The first debtor in the list is Stomana with the amount of BGN 21. 254 million. Source: Novinar (27.08.2002) |
| | Pernik District court registered changes for Stomana JSC Pernik. As a member of the Board of Directors and as a Deputy Chairman of the Board is wrote off Mrs. Politimi Paunova and as an Executive Director is wrote off Mr. Valentin Bakalov. As a member of the Board of Directors and Executive Director is elected Mr. Spas Hristov and as a member and Deputy Chairman of the Board of Directors is elected Mrs. Raina Ivanova. The company is managed and represented by the Executive Director Mr. Spas Hristov. Source: State Gazette (05.09.2002) |
| | The trade unions KNSB and Podkrepa will approach the prosecutor's office and Post-privatization Control Agency about the execution of the rehabilitation plan of Stomana. This was stated by the Chairman of the regional organization of the trade union KNSB Mr. Valentin Nikiforov and the leader of federation Metallurgy with Podkrepa Mr. Krasimir Mitov. The syndicates accused the owner of the metallurgical company - the Greek company Viohalco, of hidden attempts of dismissing workers. For a couple of days now, workers in the factory are being forced to leave Stomana Industry by mutual agreement. They are promised they will be employed again on the same positions, but as employees of the subsidiary of the Greek owner Sigma IS, according to the syndicate leaders. According to Viohalco's representative Mr. Anton Petrov, the performed restructuring in modern management. The separation of the activities, which are not main for the company, into indipendend legal entities, was a worldwide practice and was made for the purpose of acquiring better control. This would lead to decrease of the self-value, higher efficiency and higher remuneration. I guarantee, that there will be no dismissals, stated Mr. Anton Petrov. Source: Dnevnik (13.09.2002) |
| | As of October 1, the National Electric Company (NEC) will cut the prices of power electricity, used over the weekend, by an average of 8 per cent for eight companies. This was announced by the Executive Director of the company Mr. Vasil Anastasov. The State Energy Regulation Commission is expected to approve the company's proposal next week. Among the companies, which will be able to use electricity at lower prices, are Biovet - Peshtera, Stomana - Pernik and Umicore. Originally, 15-18 companies, with an annual consumption of at least 50 million kWh, debtors to NEC, were meant to use electricity at lower prices. Only half of these companies will take advantage of the privilege, such as Kremikovtzi and Chimco. Source: Dnevnik (18.09.2002) |
| | Arbitrary Commission, which should make decisions about the dismissal of workers, will be established in Stomana Indistry. This was announced by the Chairman of the structure of KNSB trade union in the factory Mr. Nedelcho Kalev. Three trade unions will participate in it - KNSB, Podkrepa, Promyana and three other representatives of the employer. Each dismissed person could file a litigation to the commission, which shall have the last word about it. The establishment of a new body was agreed yesterday and will be written in the new collective labor contract on Tuesday. The Greek owner Viohalco accepted 10 controversial conditions, announced the Chairman of Podkrepa trade union in the factory Mr. Krasimir Mitov. The paid annual leave of the workers in Stomana Industry will be no more than 35 days. We would like to make a more modern and better collective labor contract, stated Viohalco's representative in Bulgaria Mr. Anton Petrov. According to him, only the demand for payment of 27 working salaries at dismissal is not realistic. There is no company in Bulgaria, which pays such compensations, stated Mr. Petrov. Nevertheless, the Board of Directors will consider the possibility of bigger compensations, which are currently in the amount of three to five salaries. The Greek holding Viohalco is owner of 19 workshops in the Pernik-based metallurgical company. Source: BTA (20.09.2002) |
| | Only nine companies have filed by a this moment applications in NEC to use the so called week-end price tariff of the electricity , announced the Executive Director of the company Mr. Vasil Anastasov. Among these nine companies are Stomana, Biovet, Maritza-Iztok mines. If the companies manage to conclude the contracts they will pay between 4-11 per cent cheaper electricity as of November 1. This tariff may use only the companies which has an annual consumption of more than 50 million kilowatt hours and has no debts to the electricity-distribution companies. Source: Sega (23.10.2002) |
| | Totally seven companies with 13 offers participate in the auction of Navigation Maritime Bulgare for the sale of five ships, which were taken out of exploitation for more than a year ago. The sale was announced during September. The ships were built more than 30 years ago and are sold for scrap. Source: Black sea (29.10.2002) |
| | 88 companies have not appointed yet an Investor Relations Director, according to the data of the State Securities Commission. The public companies are obliged to conclude a labour contract in accordance with the amendments in the Public Offering of Securities Law. Among these 88 are some of the effectively traded on the stock Exchange companies like LUKoil - Neftochim and Medika Sandanski. The companies with majority state participation for example Haskovo-BT, Purovomay-BT, Dupnitza-BT and Varna plod, have not executed this obligation as well. Source: Dnevnik (01.11.2002) |
| | Lacks in amount of at least BGN 2.336 million were revealed at the full revision of the assets and warehouses of Stomana JSC, performed by Investors control Department of the company which finished today, announced the Executive Director of the company Mr. Spas Hristov. Pernik District Prosecutors Office was officially informed for the violations of the responsible persons. Mr. Hristov refused to announced any names. The interest of Stomana was harmed by the sales of material assets without taking into consideration the evaluations of the assets made by independent companies. The employees of Stomana security have allowed the transportation of production, raw materials and spare farts without invoices. After the revision of the claims of the company is became clear that in many cases the debtor of the company was its creditor as well. According to the syndic of the company Mr. Tzvetan Bankov in accordance with the reconstruction plan of Stomana which was adopted by Pernik District Court from the debts in amount of BGN 11 943 000 by the moment have been paid BGN 9 721 849. From the debts for the salaries of the former employees in amount f BGN 797 041 by now have been paid BGN 784 215. BGN 155 000 from the debts to the State which are in amount of BGN 11 358 000 have been paid. Source: Pari (01.11.2002) |
| | Stomana Industry Pernik, whose majority owner in the Greek company Viohalko celebrates the official day of metallurgist. The professional holiday was officially announced for the first time during 1953 when was opened the former DMZ Lenin. Stomana Industry has 1764 employees and Stomana JSC which is selling its last assets has another 40 workers. Over the last year in the company has been invested EUR 19 million. In the next few days will be launched in exploitation the new machinery, which is produced by the Italian company Danieli. Investment will allow the company to enter new markets, announced Mr. Anton Petrov, representative of Viohalco for Bulgaria. The price of the new equipment is EUR 17 million. Due to the lack of scrap the machinery will work on 80 per cent of its capacity. Source: BTA (06.11.2002) |
| | Stomana JSC owes BGN 5 million to its workers for last years, announced the syndic Mr. Tzvetan Bankov. So far have been paid BGN 11 million, provided by the sale of main steel-extraction capacities. The Greek company has to pay other BGN 11 million, BGN 2 million are the receipts from the sale of social objects. The debts to National Social Security Institute are the biggest - BGN 11 million. Source: Struma - Blagoevgrad (07.11.2002) |
| | The Greek investor Viohalco registered by its subsidiary company Sidenor a new company in Bulgaria - TePro Steel. It will take the management of the thermo-calibric factory which is a self-contained part of Stomana-Pernik, announced the representative of Viohalco in Bulgaria Mr. Anton Petrov. By this moment the factory was managed by TePro Metal. The change is caused by the forthcoming transformation of the company into a self-contained part. The new company is registered as SPJSC with minimum capital in amount of BGN 50 000. Meanwhile it became clear that Stomana Industry has sent to the European Commission in Brussels the requested information for the executed export during the last three years export. The reason is that the European Union is considering the imposing of a duty over the import of three other types of Bulgarian steel. The decision of the European Commission which is expected to be announced in the beginning of the next year will affect in biggest degree Stomana Industry. Source: Pari (12.11.2002) |
| | Promed Stil JSC in Debelt envisages to realize an investment project for construction of new steel-extraction capacities. It costs about USD 30 million and is planned to be realized for 2 years, was reported from the company. Promet Stil JSC executed research among potential investors like Fiorst Alpine, Austria, Stomana - Pernik and Elstner. The most serious interest was taken by the Austrian company Fiorst Alpine with which Promet Stil is in process of negotiations. Source: Construction City (18.11.2002) |
| | Companies in Pernik region owe to National Social Security Institute BGN 39 million. 78 companies are with debts over BGN 10 000. 5 companies execute regularly their payment plans. Stomana JSC has the biggest amount of unpaid insurances that exceed BGN 20 million. BGN 660 000are the unpaid funds to the health-insurance bank. 12 companies in Pernik region are under observation of IMF. Source: BTA (26.11.2002) |
| | Ten companies will negotiate terms and prices for the delivery of electrcity with the producers as from July 2003, announced the Chairman of the State Energetics Regulation Commission Mr Konstantin at the presentation of the Development of the enrgetics over 2002. The following companies will conclude direct contracts - Lukoil Neftochim, Mariza Iztok mines, Stomana, KCM, Umicore, Devnya Cement, Agropolichim, Neochim, Elatzite medet and Asarel medet. They have annual consmption of more than 100 gigawatt hours and have no debts to NEC, as it is planned in the deecree for the privileged clients. The direct contract with the power stations will lead to reducing of the prices of the electicity. The State Commission rejected to Kremikovtzi, State Railroads and Chimco to use these priveleges, because they have debts to NEC. Source: Dnevnik (18.12.2002) |
| | Ten companies will be able to deal freely with producers the deliveries of electricity in 2003. This was reported from State Commission for Energy Regulation /SCER/. The direct dealing will be only for 15 per cent of the free electricity at the market, the Chairman of the SCER Mr. Konstantin Shushulov explained. The privilege will be used by LUK Neftochim, Maritza iztok mines, Stomana-Pernik, Elatzite Med, Asarel Medet, KZM-Plovdiv, Umicore, Devnia Cement, Agropolichim and Neochim.
The opportunity could be used only from industrial consumers which use more than 100 million kWh electricity annually and which do not have any debts to the National Electric Company. TPS Maritza Iztok 2 will sell 250 mWh electricity to the ten companies, TPS Varna will negotiate 180 mWh and TPS Bobov Dol, which electricity price is higher, will sell 100 mWh. Source: Monitor (27.12.2002) |
| | Creditors initiated cases against Stomana JSC, announced the Executive Director Mr. Spas Hristov. The company with a personnel of 30 people, is the last state-owned structure of the metallurgic company. It exists with only one purpose - to execute the reconstruction plan. From the beginning of 2002 to November were initiated 19 cases and in December they are 40. Stomana JSC owes BGN 23 million to all creditors. The main capacities of Pernik-based metallurgic company are property of Viohalco and are under the name Stomana Industry. Source: BTA (09.01.2003) |
| | The cabinet announced its decision to establish a Consultative Council with the Ministry of Economy for monitoring the fiscal discipline and fiscal performance of the companies in which the state owns more than 50% of the capital. The council will be chaired by deputy prime minister and minister of economy Nikolay Vassilev and will include the ministers of finance, economy, regional development, agriculture and forestry. Source: Pari (22.01.2003) |
| | Three are the major producers of ferrous metals in Bulgaria - Kremikovtzi, Stomana and Promet. Only Kremikovtzi is entirely ownership of our country, the other two are foreign property. The plant was privatised in 1999 against the symbolic price of USD 1. The buyer - Daru Metals was obliged to pay the debt of the company in amount of BGN 645 million and to invest in it another BGN 300 million by 2005. Promet, Burgas was privatised by Neva Holding in 1999 and bought 77 per cent of its capital for a little over USD 1 million.The main production of the metallurgic plant Stomana is a Greek property. Stomana Industry, a joint venture between Greek Sidenor /75 per cent/ and Bulgarian company Eurometal /25 per cent/ became owner of the bankrupted in June 2001 Pernik-based metallurgic plant for the amount of USD 16.5 million. Sidenor is a subsidiary of the Greek Industrial Group Viohalco. The Group owns two steel-processing plants in Greece - Sidenor and Sovel. The Viohalco Consortium is a major owner also of the Sofia-based plant Sofia Med, and of the plant for aluminium profiles Steelmet, which is a green-field investment. Source: Capital (27.01.2003) |
| | This year is anniversary for the contemporary Bulgarian metallurgy since in the far 1953 was launched the metallurgic plant in Pernik. In this period also finishes the construction of the zinc production in Kurjali. Now in the metallurgic sector are working over 27 000 people which is 0.94 per cent of the employees and 4.27 per cent of the employees in the industry but they form over 7 per cent of the industrial production. Nowadays this sector is orientated mainly for export. For 2001 the metallurgic and manufacture of metal articles realize export for BGN 1 872.7 million. This is 16.78 per cent of the export and 11.35 per cent of the total export of the country. Source: Pari (04.03.2003) |
| | About 700 Bulgarian companies owe to the National Social Security Institute over BGN 400 million together with the interest rates, was reported from the institute. Only the 50 biggest debtors have to pay back BGN 213 205 056. Stomana-Pernik is also among the first with a debt of BGN 21.6 million. At the same time Stomana executes a reconstruction programme on which also owes contributions, the company is in procedure of insolvency. Source: Trud (05.03.2003) |
| | Sofia Med received a quality certificate ISO 9002, announced the Director of the company Mr. Andreas Deligianis. Sofia Med is property of the Greek concern Viohalco, who also owns Stomana Pernik. Source: 24 chasa (14.03.2003) |
| | KNSB trade union officially supported the protest, organized by BTA journalists against the General Director Mr. Stoyan Cheshmedzhiev. During one of the protest meetings on Monday afternoon in front of the building of BTA, KNSB trade union leader Mr. Zhelyazko Hristov demanded that Mr. Cheshmedzhiev should hand in his retirement. The meeting was joined by representatives of the miner trade unions, the workers in Stomana - Pernik and Kremikovtzi. Source: BTA (18.03.2003) |
| | The General Staff assured the population, that there is direct military threat for Bulgaria. The intelligent services, however, do not exclude the possibility of terrorist attacks due to our firm US support in their strikes against Saddam, and also due to the US military base in Sarafovo. The military officials have been repeating for three months now, that the protection of risk targets in Bulgaria, such as NPP Kozloduy, Stomana-Pernik, Chimco-Vratza and LUKoil Neftochim is guaranteed. Source: Trud (20.03.2003) |
| | Stomana-Pernik opened a competition for the election of an auditor of the annual accountant report of the company as of 2003. By this year with a decision of the parent company Viohalco the independent financial audit of Stomana, Steelmet and Sofia Med was executed by Ernst & Young Assurance Ltd., announced the representative of the Greek holding for Bulgaria Mr. Anton Petrov. Greek company is an owner of the majority production of Stomana, Steelmet and Sofia Med. The management of Viohalco has decided for this year the independent auditor to be selected trough a competition. The contract with Earnest & Young has expired with the end of the accounting year in the end of March. I think that for large company as Stomana it is better to by used a competition method for selection of auditor, said Mr. Anton Petrov. He explained that the competition is opened and all interested auditing companies could submit offers. The dead-line is May 15, 2003. Source: Dnevnik (14.04.2003) |
| | In 2002 the incomes of Stomana JSC are BGN 52.998 000. From them BGN 41.445 000 are from sales and the financial incomes are BGN 11. 549 000. BGN 3 155 000 are from the sale of assets. The incomes from paid debts to the creditors have the biggest share BGN 37 240 000. In accordance with the execution of the reconstruction plan of Stomana in the company came BGN 8 905 000. From them to SBank were paid BGN 3 040 000. For the receipts were paid BGN 553 000 VAT, BGN 1 898 000 to National Social-Security Institute, BGN 306 000 on Corporate Income Taxation Act and BGN 394 000 to the budget. In the warehouses of Investors control directorate were found out lacks in amount of BGN 2 336 715. The shareholders of Stomana changed the Board of Directors. The Chairman of the Board of Directors Ms. Raina Ivenova was replaced by Ms. Olga Shishkova from the Ministry of Economy. Mr. Spas Hristov remains Executive Director of the company. Source: Pari (23.04.2003) |
| | The tangible assets at a value of BGN 3 079 545 and stocks at a value of BGN 176 754 , property of Stomana Pernik are missing, was the conclusion of the commissions which performed the revision of the company by an order of the former Executive Director of the company Mr. Spas Hristov. Source: Pari (24.04.2003) |
| | Pernik-based metallurgic company Stomana owes to its employees over BGN 4 million for salaries and BGN 10 million for social insurances. The total amount of the company's debt to its workers is BGN 14 million, announced the Deputy Chairman of SITUB Mr. Valentin Nikifiorov. Mr. Nikiforov explained that despite the difficulties the current salaries of the employees in Pernik mines and Stomana will be paid. Source: Monitor (07.05.2003) |
| | A consortium with Bulgarian participation is among the five companies that declared interest in the privatization of 57.99 per cent from the capital of the Monte Negro metallurgic plant Jelezara Nikshich holding company. According to Reuters it is about a union between Rua invest and trade and Fiost Alpine intertrading. The rest candidates are the Swiss company Technosteel holding, Kurum Demir from Turkey, Global infrastructure holding Great Britain and the company from Nishich Rusmontesteel corporation. The tender is expected to take place in the beginning of June. The capacity of the plant is 300 000 tons per year and produces concrete and profiled irons. Analyzes of this production in Bulgaria are developed by Kremikovtzi, Stomana-Pernik and Promet-Burgas. The company Rua invest cant be found in the registers of the lectronic issues APIS and Daxy. According to sources from the steel market these are undertakers from Plovdiv who have not so far in the field of metallurgy. Source: Dnevnik (22.05.2003) |
| | The position of the biggest debtors to National Social Security Institute is headed by the metallurgic plant Kremikovtzi and the taken measures are distressed bank accounts. The plant is followed by Stomana-Pernik. There is an approved sinking plan for a part of the debts and a reconstruction programme for this company. Source: Pari (11.06.2003) |
| | Mr. Ludmil Stoykov, a President of Ladimex holding and Executive Director of Dujni JSC:
How is developing the company Stomana-Pernik?
- We entered Stomana-Pernik in January, 2000. We have worked independently for one year and a half and financial result was a profit. The plant recovered and international companies started to take interest in it. In June, 2001 we chose for our partner the Greek metallurgic company Viohalco to which we sold the major stake of shares. Besides its good financial state, the Greek company has very good credit rating which gives opportunity for using credits and financing from different banks. The Greek banks will be the main partners in our future investments in the metallurgy.
Did you make any real investments in the metallurgy?
- It was made a huge investment we bought a new machine of Danielli. It is a brand new in the metallurgy and started to work in November, last year. Thanks to the investment we can produce qualified products, to enlarge the group and markets, to reduce the prime cost and in this way to be more rentable. We increased the manufacture with 30 per cent in comparison with 2002 and 2001.
What are your joint plans with Viohalco?
- We have a very ambitious programme together with Viohalco in the next 5 years to invest about USD 70 million and the plant to become one of the modern in Europe.
Where do you sell the metallurgic production?
It is mainly for export. We are known almost all over the world. In Europe Stomana had traditional partners in Spain, Italy, Portugal, Greece, Germany, Belgium. This year we have increased our partners we export to Tunis, Maroco, Egypt. About 50 000 tons are exported to China. We also penetrated in America and Canada.
How do you cope with the competition in the State?
- The metallurgic plants in Bulgaria are not competitors because they produce different types of products. We complete a little bit with Promet Debelt and with Kremikovtzi but only in some degree. We are not competitors even at foreign markets because we export different sorts of products. More specifically we produce and export sheet-irons with gauge exceeding 8 mm for the construction, ship and machine-building. In Kremikovtzi are produced sheet-irons from 2 to 8 mm. Promet produces the thin profiles of 25 mm, set squares up to 50 mm and we over 50 mm. Source: Dnevnik (13.06.2003) |
| | The Greek industrial group Viohalco JSC was established in 1937 as a company for processing and manufacture of copper and aluminum articles. Nowadays the group is placed at first place by turnover in Greece. The main part of the companies, included in the group has a certificate for quality ISO 9002. The biggest among them are Elval S.A. a plant for roller production of aluminum sheets, bands and foil, Halcor S.A. - pipes, rods, sheets and copper and brass bands. The plant is among the few in the world that started the manufacture of copper pipes with inner threading. The production is exported to EU, USA and Japan. It has certificates for quality ISO 9002, RAL, BS. The plant Etem S.A. which is the major owner of Steelmet, manufactures aluminum profiles used in the construction of Grand Arche a la defence in Paris. In Viohalco family is also included the company for brass articles Fitco S.A., delivered the copper bands for Chaira Pumped Storage Power Plant by order of Toshiba. The main competitors of the Greek company are the three Bulgarian plants Kremikovtzi, Stomana and Promet which, according to data of Ferrous and Non-ferrous Branch Chamber, have capacities for about 4 million tons annually while their manufacture is a little over the half of this quantity. Source: Dnevnik (23.06.2003) |
| | TeProMetal SP JSC is the biggest exporter of raw-materials and products of ferrous and non-ferrous metals from Bulgaria to Greece. The net annual turnover exceeds USD 30 million. In 2001 it bought the thermal gauging work-shop of Stomana JSC. So far have been invested BGN 7.5 million and other BGN 1.5 million are about to be invested. Source: Dnevnik (23.06.2003) |
| | Stomana Industry is the biggest company of Viohalco in Bulgaria and was created in the middle of 2001 when the Greek company bought a part of the assets of Pernik-based plant for ferrous metals Stomana. The planned investments are EUR 60 million. In the company are produced mainly steel products and the annual capacity is 1 million tons. The employees in the company are 1800. Source: Dnevnik (23.06.2003) |
| | Damages for totally BGN 9.972 million were found by the financial supervision bodies of the Agency for state internal financial supervision during audits in July, was reported from the administration of Ms. Ginka Draganinska. 240 internal audits are finished and are opened 170 new. Most of the violations were found in Pernik for BGN 8.556 million, Kuystendil BGN 408.9 thous., Sliven BGN 331 000, Vratza BGN 175 000, Veliko Turnovo BGN 124.2 thous. More significant violations were found during the inspection of Stomana JSC-Pernik. The damages there are for about BGN 8.553 million. According to the analysis of the agency, the damages are as a result of sales of assets at prices, lower than their reported value, of irregularly calculated compensations on the Labour Code, of not calculated taxes and installments on Corporate Incomes Taxation Law. Some incomes from rent or interests in the company were not properly registered by the accountant. Source: Pari (13.08.2003) |
| | The companies and enterprises from Pernik district owe to the National Social Security Institute BGN 34 421 775, was reported from the Social Security department of the district administration. Among the greatest debtors are the metallurgic factory Stomana with a debt in amount of BGN 24 172 000, followed by Bestechnika-TM Radomir - BGN 5 300 000. Source: Monitor (26.08.2003) |
| | The former President of FC Miner Mr. Kiril Alexov, who was in this post until 1994, is a candidate to become mayor of Pernik. Mr. Alexov was also deputy Director of the Radomir-based football team Strumska Slava, he has worked in Tezhko Mashinostroene, the cement factory in Batanovtzi, and is currently head of the Sales Department in the warehouse base of Stomana. Source: 24 chasa (26.08.2003) |
| | The Deputy Prime Minister Ms. Lydia Shuleva will demand at the Ministers conference of WTO in Kankun Bulgaria to be extracted from the list of countries that caused damages on Canadian steel production. According to experts, for the last decade Canada at least 5 times started such investigations, which often ended with a sharp increase of the duties. In spite of the insignificant import and insufficient proofs for any damages, Bulgaria may also be sanctioned. Bulgaria is included in the list of countries together with Czech and Romania that caused damage on the local production of steel, decided the authorities in Canada, was reported from Viohalco, the owners of Stomana industry. There is not still a decision, taken by Canada whether will be imposed duties on our import for this country. In June Canada started an investigation against dumping import of Bulgarian, Romanian and Czech steel products. This happened by demand of the local producer Algoma. The Canadian company presented proofs that in November, 2002 Bulgaria imported 1.8 thous. tons hot-rolled flat iron. The selling price was USD 485 per ton at the price of the Canadian producers of USD 569 per ton. Canada is considered to be a huge producer, importer and exporter of steel and in 2002 in the country were produced 16 million tons steel, the import is 7.5 million tons, and the export - 5.6 million tons. In 2001 Canada imposed a duty on Bulgaria for products that are produced by Kremikovtzi although then the plant did not export to this country at all. We are in one group with countries that have very well-developed steel-extraction, was commented from the Ferrous and Non-ferrous Metallurgy Association. In 2002 Czech produced 6.5 million tons steel and exported 4 million tons. The production of Romania reached 5.5 million tons and the export - 2.7 million tons. For this period Bulgaria produced 2 million tons and exported 1.1 million tons. From them to Canada the export of hot-rolled flat iron is hardly 10 000 tons, according to the association. Stomana JSC was pointed by the Canadian authorities as exporter from Bulgaria. However the producer of this production is Stomana industry. Stomana JSC ceased its activity in 2001. It has to be specified whether there is a technical error in the name and to be found the declared origin of the products. Stomana industry categorically rejected these accusations and even the parent company in Greece is involved in the case. Source: Pari (09.09.2003) |
| | Most probably the Canadian authorities will impose anti-dumping duties on the import of hot-rolled flat iron from Bulgaria. This became clear when last week Stomana industry the company owner of Pernik-based metallurgic plant, received the decision of the Canadian Court, according to which the import of products from Bulgaria, Romania and Czech causes damages to the local manufacture. The decision was taken in the middle of August but the motives for it have not been still specified before the main suspect for the dumping import Stomana industry, not even before the Ministry of Economy. In June Canada started an investigation for dumping import of hot-rolled flat iron from Romania, Czech and Bulgaria because of complaint from one of its major producers the company Algoma. In the survey is quoted that in 2002 Bulgarian company Stomana sold at the Canadian market 1814 tons hot-rolled flat iron at prices, which were lower with about 20 per cent than the local production. The quoted quantity is quite few in order to cause any loss of the local Canadian production, was commented from Stomana industry According to their data, neither the quantity of the export, nor the company-exporter are true. The accusations quote Stomana, not Stomana industry, which is wrong, declared Ms. Lilly Samarjieva from the company-owner of the metallurgic plant. Stomana ceased its activity in 2001, reminded she. According to data of Stomana industry, during 2002 the company had a single export to Canada and in the near future does not plan new deliveries. According to the representative of the industrial group Viohalco in Bulgaria Mr. Anton Petrov, the export was not realized directly but through a mediator. Kremikovtzi doesnt export to this market as well. So the eventual introduction of anti-dumping duties will not influence on the Bulgarian export but this is not good for the countrys image. And yet Canada is a big producer and market and its opinion is quite important in this sector, commented Mr. Anton Petrov. Canada is a huge producer of steel products and in 2002 in the country were produced about 16 million tons steel. It has not been so far clear why Bulgaria and Czech are included in the list of the accused of dumping countries when the import of each of the them in Canada does not exceed the 3 per cent of the total consumption in the country, which are necessary for starting of such a survey. According to Canadian authorities, the share of the two countries is respectively 3.3 and 3.6 per cent. However, Bulgarian statistics reveals an export only of 163 tons hot-rolled flat iron in 2002. In 2001 was not registered the export of such production. Only Romania with its 10 per cent share at the Canadian market could be a threat to the local producers. As a response of the accusations of dumping, the Deputy Prime Minister Ms. Lydia Shuleva demanded a special meeting with the Canadian authorities during the meeting of World Trade Organization in Kankun, Mexico. The Ministry of Economy does not have information about the implementation of this meeting. This is the consecutive dumping investigation, initiated by the Canadian Government because of a complaint of local producers. During the last decade are known several similar cases, which ended with increased duties for import from the charged countries. Source: Capital (13.09.2003) |
| | The International Financial Corporation (IFC), which is a part of the World bank, whose activity is investments in the private sector, grants a loan to Stomana industry the owner of Pernik-based metallurgic plant. The amount of the credit line is by EUR 30 million, which can be spent by the end of 2006. The credit line is approved by the Board of directors of IFC in the beginning of August and the final sign is expected to realize in the beginning of October. The aim of the loan is improvement of the productions quality, diversification of the products and investments in the environment, specified Mr. Anton Petrov who is a representative for Bulgaria of the industrial group Viohalco, which is the major owner of Stomana industry. The main part of the credit will be for the more rational use of waste waters in the manufacture, collecting of the filter dust and processing of some waste products that can be used as additions in the manufacture of cement. In the end of the period the investments in the environment of Stomana industry will reach EUR 13 million of the total planned investments for the period in amount of EUR 44 million. The fund will not be spent for increase of the production capacity of the company. At the moment Pernik-based plant produces about 800 000 tons products per year. The Greek industrial group Viohalco is owner of 75 per cent of the assets of Stomana industry JSC through its subsidiary Sidenor. The rest 25 per cent are held by Pernik-based company Eurometal Ltd. Stomana industry JSC purchased the major production of Pernik metallurgic plant Stomana for USD 16.5 million. Through other own companies, Viohalco is owner in Bulgaria of Sofia med JSC, the company for aluminum profiles Steelmet JSC and the wood-processing company Lesko JSC in Blagoevgrad. Source: Capital (13.09.2003) |
| | The debts of the fifty greatest debtors of the National Social Securities Institute (NOI) by the end of the June reached BGN 218 973 319. This sum includes the principal and the accumulated interests. The leader among the debtors is the metallurgic plant Kremikovtzi, whose bank accounts are restrained, followed by Stomana-Pernik, for whose debts was adopted a payment scheme and reconstruction programme. Varna Shipyards occupies the third position, whose assets were sold to Navigation Maritime Bulgare and the full amount of the sum was transferred to Bank Consolidation Company. The fourth position is occupied by Vidachim, whose debts are compulsory collected by the State Receivables Agency. Source: Pari (17.09.2003) |
| | The average insurance in the 20 most loyal companies insuring a staff to 15 employees is BGN 898, the National Social Security Institutes information showed. 263 people work in these companies. The companies with a staff of 100 to 250 people employ a total of 4252. The average insurance income there is BGN 699. Top 20 of the most loyal employers in these criteria includes the names of Media Holding, Sheraton Sofia-Balkan, publishing house 168 Hours, Tax Administration, Central Cooperative Bank, Bulgartabac Holding, Economic and Investment Bank, Municipal Bank, Privatization Agency. Etc. Source: Pari (17.09.2003) |
| | The Prime Minister Simeon Saxe-Cobourg and the Greek Minister of Economy and Finances Mr. Nikolaos Hristodulakis will be among the guests at the 50-th anniversary of Stomana JSC and the official establishment of Stomana Industry. The Co-Chairman of the Board of Directors of Stomana Industry Mr. Anton Petrov announced that the development of the company is stable. Source: Pari (19.09.2003) |
| | Steel production in Bulgaria started 50 years ago in the metallurgical plant Lenin in Pernik. 10 years later, Kremikovtzi was founded, and in 1987, the construction of Promet near the village of Debelt began (the so called Third Metallurgical Base). The capacities are enormous for a country as small as Bulgaria. They, however, work mostly for export. Nowadays, the situation is the same - 90 per cent of the metals produced in Bulgaria are exported to EU member states and USA. Steel production in 2003 will amount to around 2 million tons. The biggest peak was marked in 1986 - 2.9 million tons. Source: Trud (07.10.2003) |
| | - Mr. Petrov, the period after 1989 was difficult for the Bulgarian metallurgy. Do you consider that the worst has already passed?
- At the moment, in a world scale, there is a surplus in the steel production. This reflects also in Bulgaria, which means that the sector has to be altered considering the quality and product structure.
- How much did you invest in Stomana Pernik after the privatization?
- The Greek company Viohalco became major shareholder of the company two years ago. It had to estimate the real capacities status and after that the new machines to be designed, ordered and mounted. All of this had to be realized in extremely short terms because Stomana is the first metallurgic plant in Bulgaria and many of the machines have dated since 1956.
Our investment programme exceeds EUR 60 million. The first stage of its has just finished. The machine for permanent casting was launched in 2002 and then the electric furnaces were reconstructed. The reconstruction of the rolling manufacture has also finished. With other words the core of Stomana industry is renewed. By the end of the year will be also installed a shredding machine, after which the main capitals will be pointed to the ecology. For this purpose are envisaged EUR 13 million. Thus, at the 50th anniversary of the plant, we could say that it is in good hands and has a serious shareholder the Greek company Viohalco. The company possesses in Greece two similar companies, which is a precondition for Stomana to take the necessary know-how. The other precondition is the markets. Relying on the structures of Viohalco, we are assured that we will find a realization of our production.
- How many are the companies of Viohalco in Bulgaria?
- The company has in Bulgaria 8 companies. Except Stomana industry, these are the plants Stilmet, Sofia med where are envisaged investments over EUR 88 million, Blagoevgrad-based company Lesko, the company for investment equipment Sigma, Teprometal and Steelmet. Our total investment programme is EUR 180 million by the end of 2004. This programme will be exceeded or EUR 200 million will be invested in the Bulgarian ferrous and non-ferrous metallurgy. But thats the way it is in the metallurgy. It cant do without big investments in the metallurgic sector. The companies need a stable investor, know-how and markets.
- Will the accession of Bulgaria to EU influence on the steel extraction and how?
- The sole requirement of EU is the companies, which have received state-owned aid, to stop their capacities. Stomana has not received such aid and we wont reduce the capacities. Excluding this factor, the accession of Bulgaria to EU will affect positively the sector because will be used many accessioning funds. The export will become easier with equation of the production standards and the abolition of the customs. Source: Trud (07.10.2003) |
| | Viohalco invested BGN 60 million in Stomana Pernik. The investment programme in amount of EUR 60 million of the Greek company Sidenor has already been halved, said Mr. Anton Petrov who is a representative of Viohalco for Bulgaria. In 2001 the Greek industrial group Viohalco acquired through its subsidiary Sidenor the assets of Pernik-based metallurgic company Stomana and became a major shareholder. The Greek investors established a new company called Stomana invest 3, which officially opens its new production capacities today. So far BGN 60 million were invested in Stomana invest 3. The volume of the produced articles by Stomana in 2002 was 450 000 tons. The expectations for 2003 are the production to reach 700 000 tons, which is a higher result of over 50 per cent. The investment is financed through an equity capital, provided by Sidenor, International Financial Corporation and Hypovereinzbank. Viohalco is also owner of Sofia-based companies Steelmet and Sofia med. Source: Other (08.10.2003) |
| | The Chairman of the Parliament Mr. Ognyan Gerdjikov and the Minister of Finances Mr. Milen Velchev were at the 50-th anniversary of the production of the first Bulgarian steel in Pernik. The Prime Minister was also invited, but he did not come. The Minister of Economic and Finances of Greece Mr. Nikolaos Hristodulakis and the former Prime Minister Mr. Konstantinos Mitzotakis examined the new production of Stomana, in which the Greece group Viohalco has invested over EUR 609 million. Source: Sega (09.10.2003) |
| | Stomana Industry celebrated 50 years since the production of the first steel in the Pernik-based plant through official inauguration of its restored electrical steel-producing workshop. The restored workshop is a part of the four-year investment program for re-structuring of the enterprise coming up to a total of EUR 60 million. Its start was set in 2001 by Sidenor, a subsidiary of the Greek industrial group Viohalco. Back then, Sidenor became owner of the assets of the state-owned factory Stomana and established the company Stomana Industry to manage those assets. Machines produced by the Italian company Danielli have been installed in the new workshop. They were bought last year for EUR 18 million. According to Viohalco's representative in Bulgaria Mr. Anton Petrov, environmental protection holds an important place in the investment program. BGN 26 million will be invested in this direction and for improvement of labour conditions. BGN 600 000 will be used for improvement of the company's staff qualifications. The rest of the investment program will be implemented over the coming two years. Its financing has been provided by Sidenor's owner, by the International Financial Corporation, which is a part of World Bank's group, as well as by Hypovereinsbank. Stomana Industry exports 90 per cent of its produce, mostly to USA and Western Europe. "If we manage to sell the remaining 10 per cent of our production on the Bulgarian market, we would consider it a success", Mr. Anton Petrov said. According to forecasts, this year's production will increase with 50 per cent compared to last year and will reach 700 000 tons of steel. The Greek company Viohalco is operating in Bulgarian industry through another two companies that it owns - Steelmet and Sofia Med Source: Banker (13.10.2003) |
| | The International Financial Corporation invested USD 22 million for improvement of the environment. The money will be used for the modernization of Stomana JSC. International Financial Corporation, which is a part of the group of the World Bank, will invest USD 22 million in the modernization of Stomana JSC. Stomana JSC is the biggest employer in Pernik-district and the second biggest producer of steel in Bulgaria. The loan from IFC will be added to the investment, made by Sidenor a leading producer and distributor of steel products in Greece. Sidenor is a part of Viohalco group, which processes metals and a recognized client of the International Financial Corporation. As a part of its investment programme Sidenor will renovate the equipment, it will assists for the implementation of a wider range of products and will aid the work for the protection of the environment. About USD 15 million from the investment, which is in total amount of USD 94 million, including the working capital, will be used for protection of the environment, which will be a step ahead in the implementation of higher standards in the metallurgic industry in Bulgaria. The Vice President of IFC Mr. Asaad Djabre signed the agreement for granting the finances. At the ceremony Mr. Djabre commented that the encouragement of a competitive private sector is a priority for the Group of the World Bank in its attempts to limit the poverty and to support Bulgaria in its way to accession to the European Union. By supporting this project IFC assists the efforts of Bulgaria in the area of privatization and post-privatization restructuring of this sector, which has a strategic importance. The Regional Director of IFC Mr. Sudjata Lamba added that in a long-term is expected that project for modernization of the metallurgic factory will become an example for the further development of the private sector in Bulgaria, by showing the successful implementation of modern management methods, attracting of first-class investors and the support of the best practices in the area of corporate management. It is also planned that the project will satisfy the highest requirements of the Group of the World Bank in the area of social development and protection of the environment. By this moment IFC has adopted investments for USD 340 million for 21 projects in Bulgaria, at total value of USD 1.1 billion. The mission of IFC as a part of the World Bank is to support the stable investments in the private sector as a way of lowering the poverty and improvement of the life standard. IFC finances investments in the private sector, mobilizes capitals from the international financial markets, supports its clients in their efforts to improve their social development and provides technical support of the governments and private sector. Source: Other (17.10.2003) |
| | Two of the biggest federations members of the Podkrepa labour confederation, disjoined from the syndicate, and a new labour confederation surprisingly appeared on Thursday, claiming to be representative. Metallurgists and workers in the light industry are listing as members of the two new syndicates in large numbers. At least 5000 people are expected to join the newly registered National Syndicate of Metal Workers in Bulgaria. It will include people working in the field of metallurgy, engineering, electronics and mining. Its founders are hoping its members will be more than any other similar organization, except for KNSB and Podkrepa. They are also hoping to put an end to the two-pole model of syndicalism. Meanwhile, yesterday surprisingly a new labour union appeared General Central of Branch Syndicates. The formation submitted its documents in the Ministry of Labour and Social Policy for participation in the counting of employees and syndicates. This means that the union claims it has at least 50 000 members. Neither the other labour unions, nor the Ministry are able to give any more information about the new union. The reason for the separation from Podkrepa is discontent with its management, which does not protect the interests of the workers, it is corrupted and has merged with the employees structures, according to members of the new union. The latest reason for protest is the situation in the metallurgical plant Kremikovtzi, where the workers dont receive their salaries regularly, while the so called syndicate leaders do not even come to visit the plant and use preferences, provided by the employees, Mr .Krassimir Mitov, former chairman of the Metallurgy federation with Podkrepa said. On September 27, at an extraordinary conference, the federation has decided to dismiss itself. This is a precedent. On this conference, the decision a new syndicate structure to be established has also been taken, which should include all workers in the field of metallurgy. This is the common practice in EU member states. Yesterday, Podkrepas syndicate section in Stomana Industry dismissed itself also giving the same reasons for this action. Meanwhile, the branch is developing with an upward trend the company operating in the field of ferrous metallurgy Debelt Burgas, is exporting to USA more than its production amount over the past three years. Alumina Shumen also reports growth in production output; a foreign investor has demonstrated interest in Eliseyna; Stomana, Umikore Pirdop, and other enterprises are operating without any serious problems. Although the number of people employed in this branch has decreased from 50 000 to 15-16 000 since 1997, according to syndicate members there is no danger of enterprise closings over the next couple of years. Source: Dnevnik (17.10.2003) |
| | The International Financial Corporation (IFC), which is a part of the group of the World Bank will invest USD 22 million in Stomana. The contract for the loan was signed yesterday by the Vice President of IFC Mr. Asaad Djabre and representatives of the Greek Viohalco Group, which is the owner of Stomana JSC Mr. Stavros Teodoropulos and Mr. Dimitris Paraskevopulos. Mr. Assad Djabre announced that the corporation has invested over USD 200 million in 20 projects in Bulgaria. IFC intends to support the privatization of the energetics companies as well. Source: Standart (18.10.2003) |
| | The International Financial Corporation (IFC), which is a part of the group of the World Bank will invest USD 22 million in the modernization of Stomana Pernik. The loan will be added to the investment in amount of USD 94 million of the Greek company Sidenor, part of Viohalco group, which is the owner of Stomana JSC. The management of Viohalco and IFC concluded an agreement for granting the finances. Since 1992 the Corporation has invested over USD 200 million in 20 projects. Source: Novinar (18.10.2003) |
| | Promet steel JSC, Sofia will invest USD 20 million in a project for creation of own steel-extraction plant, announced the Executive Director of the company Mr. Miroslav Borissov. He specified that the new production will be based on the territory of the metallurgic plant Promet near Burgas. There wont be extracted ores but will be processed scrap. The future plant will produce about 450 000 tons wires per year and the raw-material will supply the manufacture of Stan 300. With the realization of the project will be closed the production cycle and will be solved the problems of the company with the delivery of raw-material. Besides, the profitability of Promet will increase because the productions prime cost will fall with about USD 30 per ton. The construction of the steel-extraction plant near Burgas will start in May, 2004. In November 2002 Mr. Miroslav Borisov declared investment intentions in amount of USD 30 million and expectations for partnership with the Austrian company Foestalpine. The project was not realized. In June, 2003 the Manager Projects and engineering in the Turkish company Ismir Delir chelik Mr. Ihsan Cholak declared that Promet steel JSC would invest USD 25 million in a new plant for steel extraction. According to the Executive Director of Promet steel, in Bulgaria are offered about 35 000 - 40 000 tons scrap per month. Stomana Pernik uses about 15 000 20 000 tons of this quantity. The rest 10 000 15 000 tons will be exported. Source: Dnevnik (31.10.2003) |
| | The witness evidence of Rosseximbanks major shareholder Mr. Emil Kulev was the major event during the session of Sofia City Court held on October 31 2003 in relation to the criminal case against Mr. Emil Hursev managing partner in Hursev & Co., and Mr. George Tanned Minister of Agriculture in the Cabinet of Mr. Luben Berov. Mr. Hursev and Mr. Tanev have been accused in service crime, for not taking the necessary care of the management and economy of the money, gained from the sale of 157 000 tons of corn in their capacity of company officials. The corn was imported in 1993 from USA with a loan of USD 15 million, which Bulgaria borrowed from the US Commodity Credit Corporation. The corn was sold on the Bulgarian market, but only USD 7 million were received in the accounts of the Ministry of Agriculture and Forests from its sale. This money were given for trust management to Hursev & Co. By proposal, made by the company, Ministry of Agriculture and forests used them to acquire a receivable of TSBank from Stomana Pernik (in this period, Mr. Emil Kulev was Chairman of its Managing Board). In 1998, the company was announced in insolvency and Ministry of Agriculture lost the money. In court, Mr. Kulev emphasized that in 1993 and 1994 Stomana had the reputation of a stable company and there were no signs it would become insolvent. This statement supported the version that Mr. Emil Hursev and Mr. George Tanev had acted accurately by using the money from the sale of the American corn. The judge in this lawsuit Ms. Daniela Atanasova announced the lawsuit will continue on February 17 2004, when the last witness the former syndic of TSBank Mr. Alexander Popov, will be heard. Source: Banker (03.11.2003) |
| | If we have to count the biggest corporations in America, Japan or Germany, the only necessary thing is to look the exchange screens at Wallstreet, Tokyo and Frankfurt. In every developed economy the stock market is the background of the huge business. There are situated the industrial concerns, banks and insurance companies, big trade chains and the giants in the sector of services. There are also the new technologies the engine of the growth of every economy. It is quite prestigious to appear at the exchange stage where the whole world sees and assess you. It is also a business question because the capital market feeds the economy and takes the temperature every minute. 345 companies in Bulgaria have a statute of public companies. Almost all of them are on the capital market with a state force and by administrative order of the new legislation. The experiment mass privatization brought shattered shareholders structure in many giants of the social economy and in few privatization funds, which hold 15 per cent of the Bulgarian economy. As a result on the exchange came out state monopolists and whole industries. These are the metallurgic giants Kremikovtzi, Stomana and OZK-Kurjali, almost the whole chamical and pharmaceutical industry /ahead with LUKoil-Neftochim, Chimko, Polimeri and Sopharma /, the sea and winter resorts, a big part of the food-processing industry /including the whole tobacco production /, former monopoly structures in the wholesale /Petrol and Toplivo /. Source: Pari (17.11.2003) |
| | By the end of the year, Bulgaria will submit the final reading of the National Steel Industry Development Strategy in Brussels. EU is expected to finish the analysis of the program a month thereafter. The second part of the program will be consulted with the Competition Protection Commission and EC. According to Ms. Evgenia Koldanova, Deputy Minister of Economy, the major requirement set by EU is for a minimum state aid for the enterprises. The investment programs of Kremikovtzi, Stomana and Promet are included in the program. Kremikovtzis new EUR 240 million investment in cast iron production is also included in it. Source: Monitor (10.12.2003) |
| | Burgas-based Promet is losing thousands of USD from non-executed orders for delivery of reinforced iron to USA, due to the ship Elena incident. This was announced by the Chairman of the companys Supervisory Board Mr. Penyu Donev. The ship was loaded with 2000 t of steel materials. The products were supposed to be delivered to Promet for its US order. Currently, Promet is trying to buy the same steel materials from Stomana Pernik, but the Pernik-based company refused to provide the materials, explaining its schedule was full. At present Elena is still located in Port Varna. The crew is on duty, the ship has a new captain. His name is Mr. Georgi Kalchev, Mr. Doichin Doichev President of Board Marine Burgas, announced. The company is manager of the ship. Source: Dnevnik (10.12.2003) |
| | National Social Security Institute imposed distraint on the accounts of Stomana, announced the Director of Pernik-based company Mr. Spas Hristov. The institute demands for BGN 22 461 308, from which BGN 14 018 691 are the principal and the rest interests. The funds on the deal for sale of the major capacities are also blocked. The new owner of the capacities is the Greek group Viohalco. Each quarter from the Greek holding come BGN 584 000. The funds will be used for payments of debts to former workers and employees of Stomana. Source: Standart (22.12.2003) |
| | The Prime Minister and Minister of Economy Ms. Lidia Shuleva received the big award of Darik radio for contribution in the economy and finance Golden portfolio. The award was handed by the Chairman of the Board of Directors of Darik radio Mr. Radosvet Radev at a ceremony in Electroimpex hall. In the category investment of the year was honoured the Greek company Viohalco for the investment in Stomana Pernik. According to the jury, the company contributed for the boom of one branch of Bulgarian economy, recently considered to be undeveloped metallurgy. Prista oil was selected for company of 2003. The nominations and the awarded were defined by 9-member jury, including representatives from Market Economy Institute and Economic Development Centre and among them were Mr. Luchezar Bogdanov, Mr. George Ganev and Mr. Alexander Bojkov. Source: Dnevnik (24.12.2003) |
| | The investigation case against former Directors of Stomana ended with an opinion for court activities, was reported from District Investigation Office in Pernik. The former Director of the metallurgic company Mr. Valentin Bakalov and his inferiors Mr. Pencho Dimitrov and Mr. Boris Bradvarski are responsible for a criminal breach of trust and deliberate derelictness. According to Pernik-based Investigating office the three of them broke and did not execute their duties in order to obtain property benefit for other physical entities. In this way are caused damages on Stomana for BGN 3 544 924. If the formers Directors of Stomana are guilty, they will go to jail for 8 years. The crime was executed during the period July 2000 - May 2002. A signal for the violations was sent by the new Director of the company Mr. Spas Hristov. The investigation started after a financial revision of Stomana and finished for 9 months. Source: Dnevnik (19.01.2004) |
| | BGN 215.483 million are the debts of the fifty biggest debtors to the National Social Security Institute in the end of 2003. The amount includes the principal and the calculated interests. The top list is headed by the metallurgic plant Kremikovtzi, then follow Stomana-Pernik, Varna shipyards and Vidachim. The average insurance income in the 20 most correct companies with 15 employees is BGN 885. In these companies are working 267 people. Among them are Siemens business services, Coca-Cola Bulgaria, Daewoo-Bulgaria, Crown Agents, TBI leasing and others. Source: Pari (17.02.2004) |
| | The companies that dont pay salaries and dont submit insurances on them for their employees must be declared in bankruptcy. Among the biggest debtors of the Health insurance bank were employers that did not pay remunerations for months Kremikovtzi, Stomana-Pernik, the mines and others. Now it seems that their employees do not have the right for free treatment because the health installments were not transferred. According to Mr. Shterev who is a Director of the Parliament Health Commission, the State must force the companies (even through the Court) to pay at least the minimum salary of BGN 120. He will offer to be extended the time for rescheduling of the health installments with two more months. Now the deadline is by April 30. The idea of Mr. Shterev is the documents to be submitted by the end of June. About 700 000 are the debtors that have debts to the bank for more than 3 months. Among them are many insolvent citizens as well. Source: Trud (19.02.2004) |
| | The former Director of Stomana JSC-Pernik Mr. Valentin Bakalov and the Manager of Investments sector in the company Mr. Pencho Dimitrov are accused of a criminal breach of trust. For the period May 2001 May 2002 both of them broke their duties in order to gain benefits for Alpa-2000 Ltd.-Pernik in amount of BGN 2 289 791 and for other companies and physical entities in amount of BGN 1 255 132. After their actions Stomana JSC was damaged with BGN 3 544 923, according to the documents. Owners of Alpa-2000 are Mr. Ivan Yankov and Mr. Nikolai Presolski. Their company was interested mainly in the equipment of Loom 500 and Loom 2 300. Recently these have been the major capacities in Stomana JSC, producing sort and list cast-iron. At the same period the security service of Stomana JSC were provided by two security companies Stomana Security Ltd. and Concord Security. The cargo cars of Alpa-2000, full of machine parts, were allowed to pass the exit although the drivers did not have the necessary documents. Source: BTA (01.03.2004) |
| | Kremikovtzi is the biggest debtor to the National Social Security Institute. The plant has debts of BGN 61 million. The debts to the Institute are totally BGN 416 million. BGN 280 million from them are the principal and the rest interests, announced the Manager of the Institute Mr. Jordan Hristozkov. At the second place is Stomana-Pernik. The company owes BGN 22 million. In order to be paid the debts, the company will sell its real estates but hardly buyers are found. About 2/3 of the debts to the National Social Security Institute (NSSI) are gathered by the State Receivables Collection Agency (SRCA). During 2003 NSSI gathered BGN 95 million from its old debtors, while SRCA - a little over BGN 30 million. Source: Standart (22.03.2004) |
| | The employers will pay interest on delayed over 3 months salaries and it will be considerable higher than the penalty interest rate. This amendment will become efficient with the changes in the Labour code and if the offering is adopted at second reading of the draft bill in the next week. The interest rate will be the Basic Interest Rate (BIR) plus 20 per cent. The penalty interest is BIR plus 10 per cent. According to data of trade union KNSB, over BGN 130 million are the unpaid remunerations, many of which accumulated by Bulgarian State Railroad (BDZ), Terem, Stomana-Pernik and others. Source: Sega (27.03.2004) |
| | Stomana industry JSC, ownership of the Greek group Viohalco, will pay off one year and a half before the deadline the amount for the self-contained part Steel-extraction of Stomana JSC. In 1999 Stomana JSC-Pernik was declared in insolvency and in the summer of 2001 sold to Stomana industry JSC its main production Steel-extraction for USD 13.5 million without VAT added and the amount must be paid for 5 years at three-month installments. Stomana industry JSC took the engagement to invest in the object USD 34 million for 5 years. The effective investments, made by Stomana industry JSC for less than 3 years are USD 40 887 831. In 2003 ended the first part of the companys investment programme for totally EUR 60 million. The official sign of the agreement between Stomana JSC and the company of the Greek Viohalco will be on March 30. Source: Pari (29.03.2004) |
| | The metallurgic company Stomana JSC, which is insolvent, will be able to pay the debts to its creditors before the term set. The reason is that Stomana industry, which purchased the extraction manufacture of the company in 2001, paid with one year and a half earlier the funds on the deal. Stomana Industry invested USD 40,9 million in renew of the capacities. This is with USD 7 million more than the set in the contract with PA. During 2003 in the company was launched in exploitation a new line for permanent casting. Source: Trud (29.03.2004) |
| | Mr. Lilian Vachkov is former Director of the metallurgic plant Kremikovtzi. At the moment is attracted as an expert in the Parliament Commission, which inspects the plants state after the tragic accident that has recently happened, when died 4 people. He left the plant in the end of 1996.
- Mr. Vachkov, what is Parliament Commission Kremikovtzi doing at the moment? What is the situation after the tragic accident?
- It is not quite clear what is happening in Kramikovtzi. According to the plants management, everything is ok. There are some optimistic forecasts because the plant manufactures and sells products.
- So, the scandals with the unpaid salaries have ended?
- Ive been in the metallurgy for 40 years now but I did not remember such a boom of the prices in the sector. It is strange that the plant is selling and there is no money. The inspections reveal that there are not funds for labour security, the salaries and insurances are not paid.
- In June expires the 5-year privatization deadline, whats next?
- We can observe two kinds of privatization in the metallurgy: successful, in Stomana-Pernik, where the Greek owners realize their engagements, the salaries are over BGN 400 - 500. The second one is not successful, which is Kremikovtzi case. In 1999 the management of the plant announced that if it was not sold, it would have bankrupted. On June 16 Daru metals bought the plant for USD 1 and promised to pay all debts and to bring fresh USD 300 million investments for 5 years. In my opinion, now will be very hard to close Competition chapter in the negotiations with EU.
- Because of Kremikovtzi?
- Because of the governmental policy connected with the plant. Some time ago Metal bulletin, issued in London, warned that Bulgaria had subsided a private company, which is forbidden in EU as a disloyal competition. The State also granted to Kremikovtzi a loan of BGN 400 million at relieved regime.
- Didnt the Competition Protection Commission react?
- The Commission reported that this is not allowed, except if it is not about closing of non-efficient capacities. Probably this will be our explanation before EU. At the moment is being prepared a reconstruction plant of Kremikovtzi. But how will be proved that were closed capacities for 500 000 tons metal per year? If they are closed so quickly, this means hundreds of dismissed workers.
- But the things were getting better, were not they?
- There is something very important, which is not mentioned. Kremikovtzi did not have any debts to NEC as of the day of privatization. On March 18, 2003 Post-privatization Control Agency found out that the debts to NEC were already BGN 65 million for 3 years. The situation with Bulgargas is the same the accumulated debts reached BGN 44 million. The debts to the National Social Security Institute on February 26, 2003 were BGN 72 million. However, the State did not require from the plant these funds, amounting to BGN 1.4 billion. With such a privilege were not honoured either Stomana Pernik or the plant in Debelt.
- Whats the explanation?
- I do not know. There is one more strange item in the privatization contract the buyer is obliged to service the Austrian debt of USD 70 million, taken because of the machine for permanent steel overflow. However, the State did not define a creditor and there were not any payments. But there are calculated interests.
- What is the major problem, according to you?
- In the trade activity. This is the black box of Kremikovtzi. However, the Parliament Commission does not have access to there. There are rumours for the way of sale through offshore family companies. There are also doubts connected with the bankruptcy of the pipe rolling plant of Kremikovtzi because a competitor may be favoured from the free 180 000 tons.
- Are there any guilty for the break-down in the plant?
- There has already been prepared a report of the internal commission and the labour inspection. The break-down exploded at first furnace after many reconstructions. It proved to be that the gas-purifying equipment was repaired. There always has to be an alternative in the metallurgy if something does not work out. The water had to be started from the other water pipeline.
- What are we going to expect after June 16?
- There are two alternatives. After this date the owner is free to do anything with Kremikovtzi, even to cut the plant into scrap. If the State is reliable, it can terminate the contract and to declare the plant for sale. Buyers will be found. Source: 24 chasa (29.03.2004) |
| | Stomana industry is going to pay before the term set the price of the self-contained part Steel-extraction, was reported from the company. During 2001 Stomana JSC, in insolvency sold its major production for USD 13,5 million and the amount had to be paid for 5 years. However, the payment will be realized 1,5 years earlier. Source: 24 chasa (29.03.2004) |
| | Stomana industry and Stomana JSC will sign an agreement for payment before the term set of the purchased in 2001 major production (self-contained part Steel-extraction). In 1999 Stomana JSC was declared in insolvency and according to the reconstruction plan, in 2001 Stomana industry bought the major production of Pernik-based company for USD 13.5 million. The amount had to be paid for 5 years and for the same period Stomana industry had to invest USD 34 million in the purchased part. According to this agreement, Stomana industry will pay the whole price one year and a half earlier. In this way Stomana JSC is allowed to pay its debts to the creditors and to content the receivables of the companys former employees and of the National Social Security Institute, said Mr. Anton Petrov, a representative of the Greek company Viohalco for Bulgaria, owner of Stomana industry. A commission, including representatives of the Post-privatization Control Agency and of the Ministry of Economy checked the realized investments. It was found out that the investments amount for 3 years is over USD 40 million. During last year in Stomana industry ended the first part of the investment programme in amount of EUR 60 million. One year ago in the company was launched in exploitation a new line for permanent casting Danieli for manufacture of blooms. First electric furnace was entirely reconstructed on a project of Weifuks, which increased its capacity from 70 to 100 tons per hour. In 2003 ended the reconstruction of the list-rolling mill. A programme for preservation of the environment also started. The programme costs EUR 13 million. The manufacture of steel in the company increased with over 50 per cent and from 450 000 tons in 2002 reached to 700 000 tons in 2003. About 95 per cent of the production of Stomana industry are for export but the company is trying to penetrate into the domestic market more effectively. For this purpose on the territory of Stomana industry was built one of the biggest warehouse for ferrous metals in Bulgaria. In April Stomana industry will launch in exploitation a shredding installation for cutting and separation of scrap. The equipment was delivered by the German company Lindeman. The installation can shred up to 200 tons scrap per hour and the initial investment for it is BGN 10 million. At the moment in Stomana industry are working 1600 people. Source: Dnevnik (30.03.2004) |
| | Stomana industry is paying before the dead line the price for the purchase of self-contained part Steel-extraction. The price of the deal was USD 13.5 million excluding VAT. The price had to be paid in a term of five years. The agreement for the preliminary payment of the self-contained part, which was purchased during 2001 will be signed between Stomana industry and Stomana this evening. According to this agreement Stomana Industry will pay the full amount of the price an year and a half before the deadline. Thus Stomana will be able to pay its debts and to satisfy the claims of former employees and the National Social Security Institute. It is expected that Deputy Prime Minister Ms. Lidia Shuleva, the Manager of NSSI Mr. Jordan Hristoskov, the Mayor of Pernik Municipality Ms. Antoaneta and the leaders of the national trade-unions will attend the signing of the agreement. Source: Sega (30.03.2004) |
| | Stomana industry and Stomana JSC will sign an agreement for payment before the term set of the purchased in 2001 major production (self-contained part Steel-extraction). In 1999 Stomana JSC was declared in insolvency and according to the reconstruction plan, in 2001 Stomana industry bought the major production of Pernik-based company for USD 13.5 million. The amount had to be paid for 5 years and for the same period Stomana industry had to invest USD 34 million in the purchased part. According to this agreement, Stomana industry will pay the whole price one year and a half earlier. In this way Stomana JSC is allowed to pay its debts to the creditors and to content the receivables of the companys former employees and of the National Social Security Institute, said Mr. Anton Petrov, a representative of the Greek company Viohalco for Bulgaria, owner of Stomana industry. A commission, including representatives of the Post-privatization Control Agency and of the Ministry of Economy checked the realized investments. It was found out that the investments amount for 3 years is over USD 40 million. During last year in Stomana industry ended the first part of the investment programme in amount of EUR 60 million. One year ago in the company was launched in exploitation a new line for permanent casting Danieli for manufacture of blooms. First electric furnace was entirely reconstructed on a project of Weifuks, which increased its capacity from 70 to 100 tons per hour. In 2003 ended the reconstruction of the list-rolling mill. A programme for preservation of the environment also started. The programme costs EUR 13 million. The manufacture of steel in the company increased with over 50 per cent and from 450 000 tons in 2002 reached to 700 000 tons in 2003. About 95 per cent of the production of Stomana industry are for export but the company is trying to penetrate into the domestic market more effectively. For this purpose on the territory of Stomana industry was built one of the biggest warehouse for ferrous metals in Bulgaria. In April Stomana industry will launch in exploitation a shredding installation for cutting and separation of scrap. The equipment was delivered by the German company Lindeman. The installation can shred up to 200 tons scrap per hour and the initial investment for it is BGN 10 million. At the moment in Stomana industry are working 1600 people. Source: Dnevnik (30.03.2004) |
| | Stomana Industry is going to invest between EUR 30 and 40 million during the next 2 years in manufacture and equipment. Within several days will be launched the new installation for cutting and shredding of scrap, with which will be also processed old automobiles. The line is the most powerful on the Balkans and the investment in it amounts to BGN 10 million, announced the Chairman of the Board of Directors of Stomana Industry Mr. Atanas Atanosopulos. One day ago the company signed an agreement with Stomana JSC for earlier payment for the Steel-extraction unit. So far the company has invested in Stomana JSC USD 41 million. In this way Stomana Industry exceeded the investment of USD 34 million, which had to invest by 2005. Stomana JSC is expected to be closed in May 2005, said the Management of Stomana Industry. The Management envisages a restructure and separation of the productions, for example on transport and maintenance. During last year were introduced two new productions, which increased the steel extraction. Practically, the manufacture increased with over 50 per cent and from 450 000 tons in 2002 reached 700 000 tons for the last year. The Management said that the company is among the ten companies forming GDP. The export for 2003 amounts to EUR 153 million. Source: Pari (01.04.2004) |
| | Stomana Industry JSC is going to pay before the deadline the price of the self-contained part of Pernik-based plant Stomana, which it purchased during 2001. The price of the deal was BGN 16.1 million. The payment of the price in advance is a part of the agreement, which both companies signed on March 30. According to the contract for the purchase the price had to be paid in a term of 5 year by three-month installments. In accordance with the new agreement BGN 7.2 million will be paid a year and a half earlier. Thus Pernik-based company will be able stabilize its financial relations both with its employees and with the National Social Security Institute. Stomana JSC has debts in amount of BGN 22.5 million for social securities. Its accounts were distrained in the beginning of the year. So far Stomana Industry has invested USD 40.9 million in the modernization of Steel extraction section. During 2002 will be launched in exploitation an automated line for permanent casting and was finished the reconstruction of the list rolled iron and sort rolled iron workshops. During 2003 the production of steel reached 700 000 tons with 250 000 tons more as compared to 2002. Pernik-based metallurgic plant was declared in procedure for insolvency during 1999. Two years later the court and the creditors adopted its reconstruction plan, which included sale of the main production. The Ministry of economy holds 75 per cent of the capital of Stomana. AKB corporation and Continental Holding own stakes of 10 per cent of the capital each. TK hold owns 1 per cent of the capital. The rest of the shares are distributed among a group of physical persons. Source: Banker (03.04.2004) |
| | Stomana industry JSC and Stomana JSC signed on March 30, 2004 an agreement for payment before the term set of the purchased in 2001 selfcontained part Steel extraction. The document was signed by the representative of Viohalco JSC for Bulgaria and Executive Director of Steelmet JSC Mr. Anton Petrov, the Chairman of the Board of Directors of Stomana Industry JSC Mr. Atanasios Atanasopulos and Ms. Olga Shishkova a Chairman of the Board of Directors of Stomana JSC. Practically, Stomana industry JSC is going to pay 1.5 years earlier the whole amount of the deal and in this way will enable Stomana JSC to pay the debts to the creditors more quickly and will also content the receivables of the former companys employees and of the National Social Security Institute (NSSI). For this purpose between Stomana JSC and NSSI was concluded an agreement for payment of the debts and was defined a schedule for the incomes. In 1999 Stomana JSC was declared in insolvency and in accordance with a reconstruction plan during the summer of 2001 sold to Stomana Industry JSC its main production, the so called self-contained part Steel extraction for USD 13.5 million, without VAT added and the amount had to be paid for 5 years in three-month installments. Stomana Industry JSC was obliged to invest in the object USD 34 million for 5 years. The investments amount, effectively made by Stomana Industry JSC for less than 3 years are USD 40 887 831. This was found out by a special commission with representatives of the Post-privatization control agency and the Ministry of Finance. During 2003 were invested EUR 60 million for improvement the competitiveness of the manufacture. 80 per cent of the companys production are exported to countries from Western and Eastern Europe, to USA and Canada, Egypt, China and others. Source: Construction City (05.04.2004) |
| | Pernik District Court canceled yesterday the case against the former Executive Director of Stomana JSC Mr. Valentin Bakalov and the Manager of Investments department Mr. Pencho Dimitrov. The meeting of the court was canceled because of illness of Mr. Bakalov. The former Directors of Stomana are accused by the Regional prosecutors office of a criminal breach of trust. According to the accusatory act for the period May 2001 May 2002 they exceeded their rights, in order to gain profits for Pernik-based company Alpa-2000 in amount of about BGN 2.3 million and for other companies and physical entities for BGN 1.2 million. As a result of this Stomana JSC registered losses and damages for BGN 3.5 million. Alpa-2000 Ltd. has transported equipment from warehouses of Investment control department in the metallurgic company. There were not any sales orders for the taken out assets, they were not paid or invoiced. The cars were admitted at the exit without the necessary documents. Alpa-2000 is ownership of Mr. Ivan Yankov and Mr. Nikolai Presolski. Mr. Bakalov and Mr. Dimitrov did not admit their guiltiness during the preliminary investigation. There is not still an appointed date for the next court meeting on the case. Source: Pari (06.04.2004) |
| | 3 400 former employees of Stomana will receive as of today the owed salaries and compensations for 1999 and 2000, was reported from the company. The funds are provided by Stomana industry from the payment before the term set of the rest on the deal for sale of the self-contained part Steel-extraction. BGN 4 880 798 are transferred in escrow account of Social insurance department Pernik. In this way we guarantee the salaries of the people because the funds are strictly used and other creditor cant have any claims to them, specified the Director of Stomana Mr. Spas Hristov. A schedule for payment of debts has been made. The former workers in the main work-shops are going to receive their money first. The payments will end on May 21. A part of the funds will be also used for payment of debts to Territory tax departments. Stomana industry paid BGN 7 015 486 one year and a half earlier. The sum was calculated at fixed USD rate BGN 2,17146. USD 13,5 million is the price of the deal for sale of Steel-extraction self-contained part. BGN 2 010 369 were directly transferred to NSSI for insurances on owed salaries and compensations. Source: Monitor (07.04.2004) |
| | For the third month in a row, a parliamentary commission is investigating the reasons for the breakdown in Kremikovtzi, in which three people died on January 10. No results have been revealed so far. Unfortunately, this is not the first breakdown in the plant. There have been even more serious incidents. Metallurgical production hides risks, and Bulgarian workers are not the most disciplined ones. Both facts are widely popular. Nevertheless, local deputies decided to establish a temporary commission in parliament, which task was to investigate the labour conditions in the plant. Its members have been working for three months already, but obviously, not on this task. Their actual task is different to cause shakeups in Kremikovtzi from time to time, so that the dark affairs of some of the former directors of the plant could not come into the open. By the way, two of the key figures leading the investigation are former directors of the plant. The Chairman of the temporary commission in parliament is deputy from the MRL Mr. Ramadan Atalay. He is a mining engineer and worked in Kremikovtzi for almost 20 years, the last 5 of them being a Trade Director. At that time, his name was Mr. Radi Mihaylov. He was known for fiercely defending the idea Kremikovtzi to be sold for USD 1 to the Turkish company Erdemir. Only its assets, without the liabilities. He also claimed the deal should not be disputed in court, since, in his opinion, the court and prosecutors office in Bulgaria stood in the way of privatization. It is strange that currently he supports exactly the opposite idea the prosecutors office and the court to investigate the Kremikovtzi privatization deal, the reason being the breakdown from January 10. What is even stranger is that the counselor of the parliamentary commission is Mr. Lilyan Vachkov. In 1984, he was sentenced for taking advantage of his position as a Director of an operative department in Kremikovtzi in his personal favour. He was even in jail for a couple of years. In 1990, he was reprieved by President Jelev in another case for financial violations. Despite this background, a year later Mr. Vachkov headed Kremikovtzis Board of Directors. And in July 1992, he became director of the company and of Mr. Ramadan Atalay. Both of them were dismissed from their posts in October 1995. Two years later, Mr. Lilyan Vachkov was re-appointed, by the virtue of a decision, published in the State Official Gazette on June 24 1997, according to which, the directors of the plant had to give up their posts to the Board of Directors headed by Mr. Lilyan Vachkov, elected in 1991. Actually, there is no decision and no changes. This was a mistake. Who made this mistake in the State Official Gazette, is not clear. Currently, Mr. Vachkov, in his own words, works in a company trading metal. While I was managing Kremikovtzi, the company was constantly progressing, and afterwards went into a crisis. Until the end of 1994, it had no debts. A long time ago, I told the former Prime Minster Mr. Luben Berov I was not responsible for the interests of the Republic of Bulgaria, Mr. Vachkov said in an interview after the breakdown in Kremikovtzi. Exactly in 1992, 1994 and 1995, however, the company was facing bankruptcy, according to another one of its former executive directors of the plant -Mr. Atanas Bogdanov. According to an inspectoral statement from 1998, during the period Mr. Vachkov headed the plant, more than BGN 8 million have been drained from it. Financial inspectors are firmly assured the fault for the caused damages belongs to him. His signature could be found under a contract between Kremikovtzi and US-based company Rudolf Robinson to the value of USD 1 230 708 mln., which have not been received by the company as yet. Currently, the investigation authorities are checking exactly how Mr. Vachkov took advantage of this contract. Another USD 667 942.34 were lost by Kremikovtzi under the deal with Oreint-D, registered in Lebanon. On the part of Kremikovtzi, the contract was signed unilaterally by Mr. Lilyan Vachkov. His signature could also be found under the contract with Trinity Chart, a branch of Matan International Trading. Kremikovtzi has to receive from this company USD 1.5 million, but has no chance to receive even a cent from this money. According to the inspectors, the fault for the caused damage belongs to Mr. Lilyan Vachkov. Mr. Vachkov also signed another contract, containing clauses harming the interests of Kremikovtzi on August 15 1994 with the Republic of South Africa-registered Triller S to the value of USD 649.733.33. By rough calculations, Mr. Lilyan Vachkov has caused Kremikovtzi damages for over BGN 8 million and almost USD 4 million. The damages, caused by the other directors, have been mentioned separately in the inspectoral statement. The document consists of 90 pages. The investigation lawsuit based on it was initiated as early as 1997. Until the end of 1999, however, it resulted in no consequences. There is no data available as to whether the reason for this is the former General Prosecutor Mr. Ivan Tatarchev, who is Mr. Lilyan Vachkovs best man. But its a fact that the investigation was resumed only after Mr. Tatarchevs post was assigned to Mr. Nikola Filchev. On April 11 1995, Mr. Lilyan Vachkov, being Director of Kremikovtzi, signed a contract with the US-based company Rudolf Ropinson, which at that time was absolutely unknown. Nowadays, the information available about this company is still very scarce. The company was registered a little before the deal was concluded, as it seems, for the purpose of signing the deal. Because, in the end of all ends, USD 1.2 million sank in the company. According to the contract, Kremikovtzi had to sell to the US company 10 000 metric tons of galvanized roll-ons at a price of USD 480 per ton. By the virtue of an annex, dated July 12, this amount was raised with another 11 000 metric tons at a price of USD 495 per ton. The roll-ons were loaded on ships and sent to China. According to the buyer, however, the production was of poor quality and they refuse to pay for it. After a fax exchange and some meetings in New York, the final price Rudolf Robinson had to pay was reduced to USD 213 760. When probing into Kremikovtzis accounting files, however, inspectors found that according to them the US company owes to the enterprise USD 1.2 million. Currently, the investigation is checking exactly how Mr. Lilyan Vachkov took advantage of the deal in his personal favour. In 1999, Rudolf Robinson was among the candidates for Stomana Pernik, offering a price of USD 14 million. The company stated annual turnover of USD 200 million USD 400 million. In the course of the procedure, we received a check-up from the US embassy in Estonia, stating the company disposes of only two iron warehouses one in USA and one in Estonia, according to a member of the working group, that evaluated the offers for Stomana. Rudolf Robinsons name appeared in the public space again in 2002. Back then, the prestige UK issue Metal Bulletin announced a representative of the Bulgarian government offered to this company to apply in the competition for the already privatized combine Kremikovtzi. In a statement addressed to the Bulgarian media, the manager of the company Mr. Barry Burnstane said that the proposal was not made by a government official, but by an international trade company. However, he rejected it, finding it unreliable. Source: Standart (19.04.2004) |
| | The average social security income in the 20 most correct companies, employing up to 15 people, is BGN 989, according to a reference on the most correct insurers in the first half of this year, published by National Social Security Institute. The total number of employees engaged in them is 248. Some of the entities included in the list are the embassy of Switzerland, Prista Oil Trading, BM Leasing, Sony Bulgaria, Coca-Cola Bulgaria, Biochim Leasing Bulgaria, 3M, Solvay-Bulgaria, etc. BGN 216.061 million are the unpaid insurances of the 50 biggest debtors of the National Social Security Institute. The top list is headed by the metallurgic plant Kremikovtzi, followed by Stomana-Pernik, Varna shipyards and Vidachim. Source: Pari (21.05.2004) |
| | More than 3,000 redundant employees of Bulgaria's Stomana JSC have received their wages and severance payments in less than two months. The metallurgical company has paid up a total of BGN 2.03 mln to workers in the form of wages and compensations and BGN 63 419 to employees suing the company. Source: Pari (02.06.2004) |
| | Sofia City Court discharged the former Minister of Agriculture Mr. Georgi Tanev and the financier Mr. Emil Harsev from the accusation of showing dereliction of duty in the so-called American Corn case. Mr. Tanev was accused, that in his position of Minister from the Cabinet Berov in 1993, he demonstrated dereliction of duty over handling the USD 7 mln gained from the sale of 157 t of American corn, donated as a gratuitous aid. He cosigned the money for trust management to Harsev & Co. The guarantee in the deal was the bankrupt TS Bank. The USD 7 mln were later invested in Stomana JSC Pernik. Stomana was declared insolvent in June 1999. On July 7 1999, Mr. Ventzislav Varbanov back then Minister of Agriculture in the Government of Mr. Ivan Kostov, revealed some information about the deal in an open session of the Council of Ministers. Source: Dnevnik (03.06.2004) |
| | Securities of the steelmaker Kremikovtsi marked a 25.27% increase at the Bulgarian stock exchange Friday close. A total of 1,784 shares of the metallurgical giant changed hands this day, 965 of which was traded through the investment intermediary Bulbrokers. Sector company Stomana AD of Pernik registered a 30.15% improvement reaching a level of BGN 0.77 a par. The shares of Chimco AD of Vratsa were traded at BGN 0.12, a 9.09% rise. A total of 15,250 Chimco shares was traded on the stock exchange Friday session.
SOFIX index rose to 488.46 points, an increase of 0.76% compared to Thursday. A total of 18,674 shares of the petrol distributor Petrol AD was traded at an average price of BGN 2.59, down by 1.52%. Zlatni Pyasatsi was the biggest looser with a fall of 4.31%, although only four share of the company changed hands on Friday. The securities of Sopharma, DZI and Bulgratabac fell by 1.58%, 1.25% and 1.41% respectively. A total of 13,851 shares of the central Co-operative Bank (CCB) was traded at an average price of BGN 2.70, unchanged compared to the previous session.
Aroma, which had been developing gains for seven consecutive days, recessed by 6.63% on Friday, dropping to a level of BGN 6.48. Source: Pari (07.06.2004) |
| | National Social Security Institute announced the 50 biggest debtors with a total of BGN 216,061,400 of obligations (principal and interests accrued) as on March 31, 2004:
1. Kremikovtzi JSC - Sofia adopted sinking plan for loan payments rescheduling
2. Stomana JSC Pernik - adopted sinking plan for a part of the obligations;
adopted a recovery program
3. Varna Shipyards JSC - Varna - the assets are sold to Navigation Maritime Bulgare SPJSC - Varna and the total amount is transferred to Bank Consolidation Company (BCC)
4. Vidachim JSC - Vidin - compulsory obligations collection by the State Receivables Collection Agency /SRCA/
5. Besttechnica TM - Radomir JSC - Radomir - compulsory obligations collection by the SRCA
6. Rudodobiv i obogatyavane - Kremikovtzi branch Sofia JSC - Sofia - bank accounts on stop/ compulsory obligations collection by the SRCA
7. Quartz JSC - Sliven - compulsory obligations collection by the SRCA
8. Stara planina JSC - Peshtera - compulsory obligations collection by the SRCA
9. Promet JSC Bourgas - compulsory obligations collection by the SRCA
10. Nova Plama JSC - Pleven - compulsory obligations collection by the SRCA
11. Ruse-Obshtinski Autotransport SPLTD - Rouss - compulsory obligations collection by the SRCA
12. Port-Burgas SPJSC - Bourgas - adopted sinking plan for loan payments rescheduling
13. Kavaler JSC - Sofia bank accounts on stop / compulsory obligations collection by the SRCA
14. Maritsa-KK JSC - Pazardzhik - compulsory obligations collection by the SRCA
15. Balkan Airlines JSC - Sofia - compulsory obligations collection by the SRCA
16. Trema JSC - Tryavna - compulsory obligations collection by the SRCA
17. Orpheus-Kardzhali JSC - Kurdzhali - compulsory obligations collection by the SRCA
18. Etavia JSC - Kyustendil - compulsory obligations collection by the SRCA
19. Minstroy Bobovdol JSC - Bobov dol - compulsory obligations collection by the SRCA
20. Kitka JSC - Novi pazar - compulsory obligations collection by the SRCA
21. Belopal JSC - Targovishte - compulsory obligations collection by the SRCA
22. Mines Maritsa basin-SP Ltd. SPLTD - Dimitrovgrad - bank accounts on stop
23. Chimco JSC - Vratza - bank accounts on stop and security measures offered
24. Zelin-AD JSC - Sliven - compulsory obligations collection by the SRCA
25. Pima SPJSC - Montana insolvency procedure, bank accounts on stop
26. Bourgas Copper Mines SPJSC - Bourgas - compulsory obligations collection by the SRCA
27. Stomaneni Trabi JSC - Sofia - compulsory obligations collection by the SRCA
28. Microprocessor Systems SPJSC - Pravetz - compulsory obligations collection by the SRCA, in insolvency;
29. Gorubso-Madan JSC - Madan - compulsory obligations collection by the SRCA
30. Elprom-EMT (Teteven) JSC - Sofia - compulsory obligations collection by the SRCA
31. Dinamo-Sliven JSC - Sliven - compulsory obligations collection by the SRCA
32. " 2000" - compulsory obligations collection by the SRCA
33. Gorubso - Rudozem JSC - Roudozem - compulsory obligations collection by the SRCA
34. Osogovo JSC - Kyustendil - compulsory obligations collection by the SRCA
35. MinesPernik SPJSC - Pernik - compulsory obligations collection by the SRCA
36. Gergov-Trud JSC - Plovdiv - compulsory obligations collection by the SRCA
37. Veslets-91 SPJSC - Vratza in insolvency
38. Izida JSC - Elin Pelin - compulsory obligations collection by the SRCA
39. Agrotechnica JSC - Karlovo - bank accounts on stop
40. Dobrich JSC - Dobrich - compulsory obligations collection by the SRCA
41. Podem-Gabrovo JSC - Gabrovo - compulsory obligations collection by the SRCA
42. NITI SPJSC - Kazanluk - compulsory obligations collection by the SRCA
43. - compulsory obligations collection by the SRCA
44. Kremikovtzi-Heavy Mechanization SPLTD - Sofia - distrained bank accounts
45. Mines-Bobov Dol SPJSC - Bobov dol - distrained bank accounts / compulsory collection of the obligations by the SRCA
46. Crystal-Pernik SPJSC - Pernik - compulsory obligations collection by the SRCA
47. Softriko-S-T SPLTD - Sofia - bank accounts on stop
48. Bobov Dol Transport JSC - Bobov dol - compulsory obligations collection by the SRCA
49. Ustrem-Topolovgrad JSC - Stara Zagora - adopted sinking plan for loan payments rescheduling
50. Marena JSC - Dupnitza - compulsory obligations collection by the SRCA. Source: Other (08.06.2004) |
| | The average salaries in the 100 companies, reported as most upright employers for the first quarter of 2004, vary in the range of BGN 621 - BGN 989, thus approaching the maximum social security upper limit, determined by the Parliament. These salaries are far higher than the minimum social security limits. More than 57 000 people, working in the top 100 companies, are secured over income of up to BGN 989. The top list, published by NSSI on a quarterly basis, is made on the basis of the amount of the social security income and the regularity of the payment. The companies are divided into 5 categories of 20 companies each, depending on the number of employees. The highest average social security income is observed in companies of up to 10 employees. An average increase of over BGN 100 (12 per cent) has been marked since 2003. Traditionally, the top list is headed by the Rousse-based Bulgarian representation of the German company Busak Shabman, which produces hydraulic gaskets. NSSIs list also includes Alpha Laval, Prista Oil Trading, Sony Bulgaria, Biochim Leasing, etc. the biggest growth in salaries with over 15 per cent compared to last year, is observed in big industrial companies, employing more than 250 people. The average salary in NPP Kozloduy, Lukoil-Neftochim, Vidima, Balkanpharma-Dupnitza, Umicore Med, etc. between January and March is in the amount of BGN 621, and the number of the employees, secured by those companies exceeds BGN 50 000. Over 4 000 people, working in the 20 companies, employing between 100 and 250 workers, were paid social security over an average income of BGN 674. Among these companies are Amilum-Bulgaria, Bulgartabac Holding, Festo Production, Unionbank, Borg Instruments, Daru Car, Plevenski Cement, and another 17 companies, employing between 50 and 100 people, providing work to 1656 employees with an average salary of BGN 731. As of March 31 2004, the Top 50 biggest debtors to NSSI have accumulated debts of BGN 216 mln, which is BGN 500 000 more than last year. This list is headed by Kremikovtzi, Stomana-Pernik and Varna Shipyard. The two metallurgical companies debt sinking plan for extension of their debts has been approved, and the assets of the shipyard have been sold to Navigation Maritime Bulgare. Source: Dnevnik (08.06.2004) |
| | Metal combine Kremikovtzi remits each month some BGN 5 mln to the National Social Security Institute (NSSI) and strictly adheres to the repayment schedule of its debts, minister of labour Ms. Hristina Hristova said. NSSIs supervisory board rescheduled the company liabilities to the state social security, which according to labour unions data amount to BGN 100 mln, but are officially secret. The reason for NSSI handling combines debts again is a technical correction of the exact amount of the liabilities, explained Ms. Hristova. State Receivables Collection Agency never released information about the amount of the state receivables from the company for the reason of being an official secret. Along with the Pernik-based Stomana and the Varna Shipyards, Kremikovtzi has been heading the list of the NSSI 50 most problematic debtors for years, whose total liabilities were BGN 216 mln at the end of the first quarter. The combine employs over 7 000 people and his outstanding debts issue has always been burning. Source: Dnevnik (03.08.2004) |
| | 11 companies were obliged to convene an Annual General Meeting of the shareholders within a month. The Deputy Chairman of the Financial Supervision Commission Ms. Dimana Rankova ordered that. Some of the concerned companies are Stomana JSC Pernik, Serdika-Kula JSC Kula, Serdika-Kula JSC Kula, Garant-Invest holding JSC Kyustendil, Transstroy-Bourgas JSC Bourgas, Factory for Grinding Machines JSC Asenovgrad, Stomaneni Trabi JSC Sofia, etc. Source: Sega (09.08.2004) |
| | The debts of Bulgarias 50 biggest debtors to the National Social Security Institute as at the end of 2004 first half are to the amount of BGN 224.351 mln, according to NSI data. The figure includes the principal and interests on it. Compared with the first quarter of 2004, the debts have increased with BGN 8.290 mln. In the first quarter, the debts totaled BGN 216.061 mln.
1. KREMIKOVTZI JSD SOFIA adopted repayment plan for extension of the companys debts.
2. STOMANA JSC PERNIK adopted repayment plant for a part of the companys debts; adopted rehabilitation programme;
3. MINES BOBOV DOL BOBOV DOL distrained bank accounts (compulsory collection of debts by the State Receivables Collection Agency).
4. VARNA SHIPYARD JSC VARNA the companys assets have been sold to NMB and the whole amount has been transferred to Bank Consolidation Company;
5. VIDACHIM JSC VIDIN compulsory collection of the companys debts by the State Receivables Collection Agency;
6. BESTTECHNIKA TM-RADOMIR JSC RADOMIR compulsory collection of the companys debts by the State Receivables Collection Agency;
7. RUDODOBIV I OBOGATYAVANE KREMIKOVTZI BRANCH SOFIA JSC SOFIA - distrained bank accounts (compulsory collection of debts by the State Receivables Collection Agency).
8. QUARTZ JSC SLIVEN - compulsory collection of debts by the State Receivables Collection Agency.
9. STARA REKA JSC PESHTERA - compulsory collection of debts by the State Receivables Collection Agency.
10. PROMET JSC DEBELT - compulsory collection of debts by the State Receivables Collection Agency.
11. NOVA PLAMA JSC PLEVEN - compulsory collection of debts by the State Receivables Collection Agency.
12. ROUSSE MUNICIPAL AUTOTRANSPORT SP LTD. ROUSSE - compulsory collection of debts by the State Receivables Collection Agency.
13. KAVALER JSC SOFIA distrained bank accounts (compulsory collection of debts by the State Receivables Collection Agency);
14. MARTZA KK JSC PAZARDJIK - compulsory collection of debts by the State Receivables Collection Agency;
15. TREMA JSC TRYAVNA - compulsory collection of debts by the State Receivables Collection Agency;
16. BALKAN AIR COMPANY JSC SOFIA compulsory collection of debts by the State Receivables Collection Agency.
17. BOURGAS PORT SP JSC BOURGAS adopted repayment plan for the extension of the companys debts;
18. ORPHEY JSC KARDJALI - compulsory collection of debts by the State Receivables Collection Agency;
19. CHIMCO JSC VRATZA distrained bank accounts and proposed provision measures;
20. ETAVIA JSC KYUSTENDIL - compulsory collection of debts by the State Receivables Collection Agency;
21. MINSTROY BOBOV DOL JSC BOBOVDOL compulsory collection of debts by the State Receivables Collection Agency;
22. KITKA JAS NOVI PAZAR - compulsory collection of debts by the State Receivables Collection Agency;
23. BELOPAL JSC BELOSLAV compulsory collection of debts by the State Receivables Collection Agency;
24. MINES MARISHKI BASEIN SP LTD. DIMITROVGRAD distrained bank accounts;
25. INDUSTRIAL CORPORATION ZELIN SOFIA - compulsory collection of debts by the State Receivables Collection Agency;
26. PIMA JSC MONTANA production in insolvency; distrained bank accounts;
27. BOURGAS COPPER MINES SP JSC BOURGAS - compulsory collection of debts by the State Receivables Collection Agency;
28. STOMANENI TRABI JSC SEPTEMVRI - compulsory collection of debts by the State Receivables Collection Agency;
29. MICROPROCESSOR SYSTEMS PRAVETZIA - compulsory collection of debts by the State Receivables Collection Agency; in insolvency;
30. GORUBSO MADAN JSC MADAN - compulsory collection of debts by the State Receivables Collection Agency;
31. GORUBSO RUDOZEM SP JSC RUDOZEM - compulsory collection of debts by the State Receivables Collection Agency;
32. ELPROM EMT JSC TETEVEN - compulsory collection of debts by the State Receivables Collection Agency;
33. OSOGOVO JSC KYUSTENDIL compulsory collection of debts by the State Receivables Collection Agency;
34. GERGOV JSC TRUD - compulsory collection of debts by the State Receivables Collection Agency;
35. DINAMO JSC SLIVEN - compulsory collection of debts by the State Receivables Collection Agency;
36. VESLETZ SP JSC VRATZA - in insolvency;
37. IZIDA JSC ELIN PELIN - compulsory collection of debts by the State Receivables Collection Agency;
38. AGROTECHNIKA KARLOVO distrained bank accounts;
39. DOBRICH JSC DOBRICH - compulsory collection of debts by the State Receivables Collection Agency;
40. PODEM JSC GABROVO - compulsory collection of debts by the State Receivables Collection Agency;
41. NITI SP JSC KAZANLUK - compulsory collection of debts by the State Receivables Collection Agency;
42. MINES PERNIK PERNIK art. 146 of the Tax Proceedings Code;
43. ROMINA 2000 - compulsory collection of debts by the State Receivables Collection Agency;
44. CRYSTAL PERNIK JSC PERNIK compulsory collection of debts by the State Receivables Collection Agency;
45. SOSTRIKO-S-T SOFIA distrained bank accounts;
46. BOBOV DOL TRANSPORT JSC BOBOV DOL compulsory collection of debts by the State Receivables Collection Agency;
47. MARENA DUPNITZA compulsory collection of debts by the State Receivables Collection Agency;
48. MRAZ SOFIA compulsory collection of debts by the State Receivables Collection Agency;
49. BELTRANS PERNIK distrained bank accounts; compulsory collection of debts by the State Receivables Collection Agency;
50. USTREM TOPOLOVGRAD JSC TOPOLOVGRAD adopted repayment plan for extension of the companys debts; Source: Pari (12.08.2004) |
| | The 50 biggest debtors owe the National Social Security Institute (NSSI) a total of BGN 224.351 million at the end of the first half-year, the NSSI reported. The amount includes principal and interests accrued. Kremikovtzi heads the rank list followed by Stomana Pernik and Mines Bobov Dol. Other big debtors include Varna Shipyards, Vidachim, Nova Plama, Balkan Airlines, Port of Bourgas, Chimco, etc. Source: Pari (12.08.2004) |
| | Mr. Miroslav Borisov was born on August 22 1956. In 1991, he graduated the University of National and World Economy Sofia, speciality Accounting and Control. After graduation, he worked as a chief accountant of Moststroy, Berbezh unit. Over the period 1993-1996, he was a chief inspector in BNB, and from 1996 until 2000, he worked as a chief accountant of Kremikovtzi. A year later, he became financial manager of Promet JSC. Since May 2002, he has been working as a CEO of Promet Steel JSC.
Mr. Borisov, recently Promet Steel was granted a complex permit to prevent and control pollution in accordance with the Environment Protection Act. What are the consequences of this action?
- This means that we meet all European standards and that we are an ecologically clean enterprise, which operates in conformity with all standards, applied in EU member states. Promet is the first company from the ferrous industry to be awarded such a permit. The other companies from the branch have also applied, but have not obtained the document as yet. Around 90 per cent of our products are exported, where 80 per cent of exports is destined to USA. US requirements are very high. Production must hold many certificates, which prove its quality and ecological purity. We have an ozone certificate from the Chamber of Commerce and Industry, proving our production is clean. Each element of the fixture that we export has the plants mark. On the iron there is an inscription of the name of the producer Promet-Bulgaria, as well as the brand of the steel. In relation to this permit, that we received, the plant is to be certified under ISO 14001. We already hold ISO-9001, and are about to be certified under ISO 2001 and ISO 14 001 in the beginning of 2005. This is the first step to the quality sign. Although bought some 15 years ago, the equipment is relatively new in technological respect and provides full opportunities to export to US markets, which means it meets the ASTM standard. We are soon to acquire the DIN standard as well, we are holders of TUF standard for some of our products. We hope this tendency will continue and that Promet will become one of the leading plants on the Balkan peninsula.
- You reported big production volume over the past few months. How will the metallurgical plant develop in the future, what are its owners plans?
- When it was built, the plant was the most modern facility on the Balkan peninsula. In 15 years, it managed to produce some 1 mln tons of produce, e.g. in these 15 years it has practically not stopped working. Since the beginning of 2004, we have produced some 190 000 tons of steel products. Just for comparison, in the whole year 2003, we have produced 128 000 tons of ready products. In 2002, we made some 50 000 tons, and in 2001 108 000 tons. We expect the amount of production to reach over 350 000 tons by the end of this year. This practically means that 60 per cent of the plants loading capacity will be used. Concerning the future development of the plant it has been included in the investment programme, adopted by the companys shareholders. By all means, a continuous steel casting furnace should be built, which will complete the plants production cycle. According to plan, the production part of the continuous casting will be ready by 2007. Investment in the new facilities will be fully provided by the shareholders. They total some USD 40-50 mln.
- Which companies do you rely on most for the new construction?
- Promet Steel will conduct an international competition. We already have offers by the Turkish company Izmir Delir Chelik, Austrias Fyost Alpine, we also expect offers by other companies. When the submission of offers ends in September 2004, the companys Supervisory Board will chose the designer and executor of the project. A meeting of the companys shareholders will be conducted then.
- When the new production facilities start operating, where will the raw materials be supplied from?
- A part of them will be bought from the domestic market- the so-called scrap, and another part will be imported, mostly from Ukraine. Currently the scrap, made in Bulgaria, is insufficient for the three plants Kremikovtzi, Stomana, and Promet. Still, they are located in different regions of the country. We use scrap made in the region of Bourgas. Besides, we do not need technological scrap in the production process. When production amounts are increased and we manage to reach the full capacity of our production facilities, the scrap from our own facilities will be in the amount of some 3 000 t annually. Another 10 000 tons will not be a problem and we could buy them from the domestic market, and the rest of it will be in the form of spongy iron, pallets, etc. and will be imported from Ukraine. The furnaces in Kremikovtzi and Stomana-Pernik work under the same principle.
- Are there facilities similar to Promets in Bulgarias neighbouring countries?
- There are already such facilities in Greece. They belong to the Viohalco group, which also owns Stomana Industry. There are smaller similar facilities in Turkey and Serbia. We export approximately 10 000 tons of ready products a month to Macedonia, Serbia and Greece. But these markets are not our priority.
- Which are your contracting parties on the foreign and domestic market?
- America SMS, Arcelor, Mannesmann, Tissen, Fyost Alpine. Some of our bigger Bulgarian contractors are Metalsnab, Stomana Industry. The production is mainly exported through the Bourgas port. Currently, we are the second biggest load provider of Bourgas port, and we have no debts to it. An average of 70 000 tons of products a month pass through it as import and export. We are about to increase these amounts. Since the beginning of the year, we have supplied more than 400 000 tons of materials and have exported over 170 000 tons of products through the port.
- What are the financial results, has your company already registered profits?
- Promet Steels profit for the first six months of the current year is in the amount of some BGN 2.8 mln, which was fully sufficient to cover the companys former debts. Last year, we had a loss of around BGN 4.5 mln. In 2004, we intend to fully cover the loss. We have improved the works organization. In 2003, we started working in the second half. We import mainly from a number of Ukrainian plants, but supplies from them were not regular. The volumes, which were produced considering the plants capacity and the expenditures made were not enough to reach a positive result. Furthermore, we are a plant that does not have a full production cycle. We only have a rolled iron part. We buy the raw materials, we process them and then we make the ready product. All used to depend on the market in Bulgaria and Ukraine. Besides, currently prices are extremely favourable for all three companies, operating in the ferrous industry branch. They are the highest for years. Prices are different for the different products, but the average price currently is around USD 480-510/t for exports. Prices are fixed depending on the price of the materials we are processing. The situation is the same in Kremikovtzi and Stomana. Their prices are even higher, because their range of products requires additional processing. Their processing is one level bigger than ours.
- Do you have any competitors on the domestic market?
- In Bulgaria there is no other metallurgical plant which could compete with Promet. Neither of the other ferrous plants Kremikovtzi and Stomana, can compete between each other.
- Why then cant you meet the needs of smaller consumers on the domestic market?
- We are able to fully meet them but the domestic market cannot meet our needs as yet. It can provide around 15 000 t a month of all of our products and with the whole import of other companies, destined mainly to Ukraine and Greece. And our monthly production is in the amount of 25-35 000 t.
- I suppose you still use bank credits?
- We are constantly using bank credits. There is no working enterprise, which does not use credits. Currently, the 45 000 t of monthly turnover (USD 480/t which makes USD 16 mln a month) passes through foreign banks, because the debts we used to have did not provide favourable conditions for working with Bulgarian banks.
- The company and its new owners have inherited large debts. Do you think the state should introduce some relieves for investors of such large scale?
- The investment programme should be reviewed. Because it was created in a period, when the company was privatized. But in this period, shareholders made so many investments, that they managed to take the company out on the world market. These investments exceed the initially planned manyfold. The total amount of investments due to be made over the next two years, will be in the amount of some USD 50 mln. Two new plants will practically be built. One of them will complete the cast iron part of the plant, and will increase the production capacity with 400 000t, and the production part with around 600-700 000 tons. There are only a few facilities in Bulgaria, which will enjoy similar investments. The state should create additional relieves for investors by introducing changes in the fiscal policy. Considering the fact that Promets assets have been evaluated at EUR 30-40 mln, it is strange that the State Receivables Collection Agency has evaluated the enterprise at some BGN 2.5 mln. We have already paid up BGN 5.2 mln of the companys debts to the state, but we have paid them directly to NSSI, and not through the State Receivables Collection Agency. Our ambition is to fully repay our debts by the end of 2005 first half. Source: Dnevnik (16.08.2004) |
| | 221 companies and establishments owe BGN 132 mln worth of unpaid salaries and BGN 320 mln worth of unpaid social insurance (a total of BGN 452 mln) to 180 000 workers and employees. According to data, provided by the KNSB labour union, among the biggest debtors are the Bulgarian State Railways (BDZ), still owing BGN 15 mln in the form of salaries and insurance to 30 000 workers; some of Terems companies (BGN 3.5 mln), as well as Stomana JSC Pernik (BGN 23 mln social insurance). According to KNSB data, the oldest debtor is Vidachim (Vidin), which has accumulated debts in the amount of BGN 7.5 mln since 1997. Syndicates threatened to organize a massive national strike if employers continue to delay payments. From September 3 until September 25, KNSB and Podkrepa labour unions are going to conduct a survey about the protests among their 400 000 members. Because of the systematic delay of salaries and insurance payments, KNSB demands employers should suffer some punitive measures. This statement was made yesterday by the Chairman of the syndicate Mr. Valentin Nikiforov. If workers want to get their money, they are supposed to sue their employer, and point out the bank account from which their salaries should be paid in the claim. They do not know the bank account numbers, Mr. Nikiforov explained. He explained previously systematic non-payment of salaries had been punished with 1- 3 years of imprisonment, but this measure had been removed from the Punitive Code. According to the currently active Labour Code, each worker should receive at least 60 per cent of its gross salary, but no less than the minimum salary of BGN 120. The rest of the money is due payable with an interest equal to the basic interest rate (2.40 per cent) plus 10 per cent, e.g. 12.4 per cent. As of January 1 2005, the Law on the guaranteeing of the receivables of workers and employees in case their employer goes bankrupt is due to be enforced. However, workers, whose employers have gone bankrupt before the enforcement of the law, will not be able to take advantage of the new law. Source: Monitor (26.08.2004) |
| | HVB Bank Biochim, part of the HVB Group, admitted that Bank Austria is currently doing a due diligence at Plovdiv-based Hebros Bank with the view to an eventual merger. Eurobank is also on the cusp of an ownership changeover. Fuel retailer Petrol, its current owner, is said to be making headway in the negotiations to sell Eurobank to Greece's Piraeus Bank.
Sources from the central bank said the banking license applicants include HSBC and a group of companies affiliated with local businessman Lyudmil Stoikov. HSBC confirmed unofficially that it was pursuing a local license for the benefit of its international clients.
Stoikov owns a minority stake in Pernik-based steel plant Stomana Industry and assets in the tourism industry. The idea is to create a bank that would specialise in servicing tourism, metallurgical and food industry companies, told Stoikov, adding that the new bank does not intend to mix it up with the big hitters. Source: Dnevnik (17.09.2004) |
| | Stomana JSC Pernik is calling a general meeting of the shareholders on October 27. The agenda includes writing-off of costs accrued for tangible fixed assets, offsetting of receivables, writing-off of current assets, writing-off of receivables for shortages and deficiencies of liable persons, writing-off of credits under the Law on Settlement of Non-Performing Loans. The deadline for gaining company shares, giving vote in the general meeting of the shareholders, on the stock exchange is October 11. Source: Pari (29.09.2004) |
| | Top 50 of the biggest debtors to the National Social Security Institute, with a total of BGN 212,171,000 of debts (principal and interests accrued), as on September 30, 2004:
1. Kremikovtzi JSC - Sofia
2. Stomana JSC - Pernik
3. Varna Shipyards JSC - Varna
4. Vidachim JSC - Vidin
5. Besttechnica TM - Radomir JSC - Radomir
6. Quartz JSC - Sliven
7. Ore Mining and Dressing - Kremikovtzi - Sofia Branch JSC - Sofia
8. Stara Reka JSC - Peshtera
9. Rousse - Municipal Autotransport SPLTD - Rousse
10. Nova Plama JSC - Pleven
11. Mines-Bobov Dol SPJSC - Bobov dol Source: Capital market (30.09.2004) |
| | Kingston Enterprises has bought shares in the steelmaker Stomana JSC of Pernik, southwestern Bulgaria, so that its stake in the company already reached 10 per cent. The stock were acquired from Ms. Elza Radkova on September 27. Economy ministry is the owner of 75 per cent stake in Stomana, while AKB corporation holds at least 10 per cent. The last deals with Stomana's shares on the Bulgarian Stock Exchange was on September 23, when 363,823 of its shares changed hands at a record-high price of BGN 3.99. The previous deal on the bourse was on July 29 when 362,503 shares were sold at a price of BGN 0.43. Stomana JSC will hold a general shareholders' meeting on October 27. Source: Pari (06.10.2004) |
| | The executive director of Stomana-Pernik Eng. Spas Hristov will be brought to court today based on accusations of deliberately acting against the companys interests and signing deals which were not in the interest of the enterprise, Mr. Emil Vladimirov prosecutor, announced. Mr. Hristov is the third director of the metallurgical plant, against whom charges of service crime had been brought, BTA reminded. According to the prosecutors office, Mr. Spas Hristov has caused to the company losses amounting to over BGN 27 000, BGN 4500 of which have been paid in the form of fees for a lawyer in Sofia, who was at the same time paid a regular monthly salary of BGN 1000. The remaining part of the losses came from the stopping of the repayment of Stomanas debt to another company. After paying the principal, Mr. Hristov personally decided to terminate the repayment of the remaining BGN 22 787 interests. The money was supposed to be used for the financing of the companys rehabilitation plan, as well as for the covering of a part of the social security payments of the workers. Source: Sega (18.10.2004) |
| | Stomana JSC is encumbering the port of Lom. The Pernik-based company is the major shipper at the port, the executive director Georgi Mladenov said. 115 000 tons of raw and other materials and finished output have been shipped this year. The contract for 2005 provides for 140 000 tons to be handled. Until recently Kremikovtzi was our main client, one of the wharves was even named after the company, Mladenov added. One million tons of cargoes have been handled in the port of Lom by the end of last week, which is a record for the past ten years. Source: Standart (15.11.2004) |
| | People who sell ferrous metal scrap will fill in declarations about the origin of the scrap. They will be liable in case a crime is established, Valeri Nakev of the Bulgarian economy ministry said. Thursday the government adopted a new ordinance on trade in ferrous and non-ferrous metal scrap. The higher prices of iron have increased thefts of steel components from power lines, Nakev said. The damage caused to the National Electric Company since the beginning of the year amounts to BGN 139,964. The cases of stolen metal parts from water-supply and irrigation systems have also risen. Very often they are sold in pieces and it is impossible to follow their origin, Nakev explained. The moving of scrap from one place to another will also be entered in the register of deals in scrap, no matter whether a deal has been carried out. Traders often use relocation to conceal scrap purchased. A total of 470 companies are licensed to trade in metal scrap. Since a licensing regime was introduced in 1995, eight companies have been deprived of licence, another two revocations are being appealed at present. According to data of the Association of Metal Traders, the turnover of steel scrap last year amounted to 1.070 million tonnes. As much as 440,000 tonnes of scrap was exported, the remainder was sold for processing to Kremikovtsi and Stomana of Pernik. The turnover of copper scrap stood at 13,000 tonnes in 2003, of aluminium alloys, at 22,000 tonnes. Source: Pari (19.11.2004) |
| | The executive director of Stomana JSC received one year suspended sentence. The Pernik District Court sentenced Spas Hristov to pay BGN 500 for abuse of administrative authority. Source: Standart (20.12.2004) |
| | The list of enterprises in which the Bulgarian state's shares will be sold for compensatory instruments was published in Tuesday's issue of the Official Gazette. The list includes 60 companies, 100% of the capital will be offered in seven of them. There are also seven companies in which the state will sell stakes. The biggest shares are offered in Vidachim (25.09%) and Stomana of Pernik (75%). The share in the Bulgarian Telecommunications Company (BTC) that is earmarked for divestiture has been increased from 20 to 35%. The list, however, does not include Navigation Maritime Bulgare and Boyana Film. The state will put for sale shares in several ordinance plants as well: 35.75% of Arsenal of Kazanlak, 20% of VMZ of Sopot and 20% of Teraton. Experts comment that the companies are not in a very good condition and will hardly enhance trade. Unsettled licensing rights and payments will additionally reduce the interest in Arsenal and VMZ. As a whole, market players say the list is good news. After BTC is sold, the prices of compensatory instruments will decline slightly. However, the new list will prevent a substantial drop of the instruments to their previous level of 25% of par. Meanwhile Tuesday compensatory instruments reached a fresh high of 85%, and registered vouchers even hit 86%. The trade volume amounted to BGN 4.4 million, as only two buyers purchased instruments: Economic and Investment Bank and First Financial Brokerage House. Source: Pari (22.12.2004) |
| | Companies in the Pernik region owe BGN 51.6 million of social security contributions, the Regional Social Security Administration (RSSA) announced. The inspectors issued 125 penal decrees last year. By attaching companies bank accounts they managed to collect BGN 1,556,240. Another BGN 1,121,000 were paid in after the intervention of the State Receivables Collection Agency. Companies outstanding contributions rose by BGN 7 million in a year only. The big debtors to the RSSA are 52. The absolute leader is the bankrupt Stomana JSC, which owes BGN 24,779,000 of social contributions for its employees. Six other debtors were declared bankrupt. Source: Standart (18.01.2005) |
| | The company is included in the list of 50 top biggest debtors of NSSI, with a total amount of the obligations to December 31 2004 BGN 202 058 (principal and interests). Source: Other (08.02.2005) |
| | Agency for Government Claims (AGC) has signed a petition to the regional court in Pernik, southwestern Bulgaria, asking for the resuming of bankruptcy proceedings against Stomana AD, the PARI daily found out. The petition reads that Stomana had to repay BGN 11.358 million debts by January 10, 2001 and it have not done so since the present moment. Representatives of the regional court in Pernik said the hearings are scheduled for March 1 this year. Experts are astonished of the delay in AGC decision to resume the bankruptcy proceedings, which came after Stomana managed to sell all its assets to settle its debts to workers and some other creditors. At present it possesses only one building for which five tenders have been opened but no buyer turned up. Source: Pari (22.02.2005) |
| | The State Receivables Collection Agency (SRCA) has urged for the re-institution of insolvency proceedings against Pernik-based steel plant Stomana Industry, arguing that the company had defaulted on its recovery plan. The petition of the SRCA will be heard by the Pernik district court on March 1. Stomana Industry owes the state an aggregate of 11.3 mln levs, of which 10 mln levs are due to the National Social Security Institute (NSSI) and the remainder to the tax authorities. A recovery plan, which was adopted in 2000 and launched in May 2001, says that the company should dispose of its assets to cover outstanding liabilities. The plan does not set a deadline by which Stomana Industry should repay its debts to the NSSI, and since they were not re-scheduled, it had to do so as quickly as possible. The steel maker, however, failed to meet its obligations. The recovery plan expires in June. So far, the steel company has sold more than 90% of its assets. Initially, the company's assets were expected to fetch some 42 mln levs. According to unofficial information, however, some 50 mln levs have been pocketed. The bulk went to pay wage arrears and maintenance costs. Greek company Sidenor, part of the Viohalco industrial group, acquired Stomana's main production in 2001 for $13.5 mln, and set up the locally-registered Stomana Industry. In a parallel development, a number of manufacturing units were sold as self-contained parts. Source: Dnevnik (23.02.2005) |
| | Stomana JSC has overshoot its rehabilitation plan by more than BGN 20 million, the CEO of the Bulgarian company, Spas Hristov, said. Earlier this week the Agency for Government Claims said it would petition for bankruptcy of the company for default on the plan. The framework of the rehab programme is set at BGN 42.7 million. As a result of its implementation, the company received BGN 62.783 million from sale of assets, according to data by the end of 2004. The receipts were used mainly to satisfy creditors' claims. The BGN 11 million debt to TSBank was fully paid. The company also covered 97% of the BGN 746,000 wages due to workers. Stomana's public debts total BGN 11.358 million but the company transferred BGN 8.685 million to the National Social Security Institute, or 13% of the total receipts. Source: Pari (25.02.2005) |
| | The rehabilitation plan for Stomana JSC is already over-performed, from the company directors board reported . The plans framework is BGN 42.7 mln and up to this moment revenues from sales of assets have reached BGN 62.783. 20 per cent of all revenues were transferred to Trade and Savings Bank Sofia (insolvent), as it is a first class creditor, with a secured receivables. 97 per cent of second-class creditors receivables are satisfied. They include debts towards employees from the period of 3.6.1998 till the 3.6.1999, together with court debts. The sum estimated to satisfy third class creditors is BGN 11.358 mln. Source: Monitor (25.02.2005) |
| | USD 270 000 have been drained out of the Pernik-based Stomana by the leader of the local Euroroma political party Mr. Tzvetelin Kanchev. He is one of the biggest debtors of the insolvent company, Stomanas lawyer Mr. Totyo Ivanov said. The company owned by Mr. Tzvetelin Kanchev Florance 7, was supposed to implement the hydroinsulation of the premises of Stomana, under a contract signed in 1996. USD 270 000 have been cashed in advance for the purchase of materials. A year later, the contract between Florance 7 and Stomana was terminated due to the fact that Florance 7 was not executing its obligations. The money, however, was never returned. During his time in jail, Mr. Kanchev transferred the company to his wife. She had not property, neither money in a bank account, which could cover the debt. Stomanas total uncollected receivables from debtors amount to BGN 1.5 mln. Source: Black sea (28.02.2005) |
| | Pernik District Court gave effect to the court case for the resumption of the insolvency procedures in Stomana JSC. The claim was filed by the State Receivables Collection Agency (SRCA), stating the metallurgical enterprise was not implementing its rehabilitation plan. The court panel yesterday set a seven-day term, within which SRCAs executive director Mr. Stanislav Mihaylov should sent a new statement of claim, signed by him personally. The court motivated its decision explaining a comma was placed in front of the name of SRCAs director signed under the statement of claim, submitted in court. No date was fixed for the next court session. The statement of claim explicitly says that according to Stomanas rehabilitation plan, adopted by decision of Pernik District Court 274, dated July 10 2000, the claimed and approved public receivables of class A are in the amount of BGN 11 358 063.69 and should be repaid in full. The repayment term is not bound with the sell-off of Stomana JSCs assets. Stomanas insolvency proceedings were initiated by decision of Pernik District Court dated August 25 1999, and were terminated on July 21 2000. The companys rehabilitation plan became effective on May 17 2001. In 2001, the Greek company Sidenor, a part of the Viohalco group, bought the main production of Stomana for USD 13.5 mln and established the Bulgarian company Stomana Industry. Source: Pari (02.03.2005) |
| | The European standards in the field of environment applied for companies operating in the field of extraction, production and processing of non-ferrous metals will turn out to be the biggest challenge in the branch. The privatization, before our country assumes its responsibilities and obligations towards EU, practically put the owners of such giants in the sectors as Kremikovtzi, The Lead and Zinc Plant in Kardjali, KCM Plovdiv, Stomana Pernik, etc., in a very unfavourable position. The investment and institutional expenditures necessary to fully implement EU legislation in the sphere of ecology, are estimated at around EUR 9 bln, where some 50 per cent of them will be invested by the business before the year 2015. Most of these funds are necessary to bring into effect the provisions of the so-called investment heavy directives, where those applied in the field of metallurgy have to do with reducing the emissions of harmful substances released in the atmosphere, as well as preventing and control of industrial pollution. The total amount of the necessary investments comes up to EUR 9 bln, where around 50 per cent of them should be assumed by the private sector within a period of around 10 years. In practice, ecological improvements in the metallurgical branch are related to significant investments due to be made within short periods of time. Most of the funds to be spent by companies over the next few years will be aimed at introducing the best available technologies. Thus, on one hand, they will meet ecological standards, and on the other, they will sharply improve the business parameters of local companies. The introduction of new technologies, guaranteeing environment protection, is related to heavy investments in general. A complex permit is necessary to this end. The document contains conditions for operation of the installations with a view of the effective use of natural resources, emissions in the atmosphere, waters and soil, as well as prevention of technical failures which could result in damages to the human health and the environment. The reduction of the financial burden on business has been stipulated in the transitional and conclusive regulations of the Environment Protection Act, according to which Bulgaria shall assume a part of the financial engagements of the privatized companies from the metallurgical sector. The introduction of new technologies and elimination of former pollution creates many inconveniences for local metallurgical industry. The total number of operating installations, which need complex permit to operate, so far is approximately 250, where more than 50 of them are from the metallurgical branch. The deadline for the issuing of this document for operating enterprises in the country is the October 30 2007. So far, only KCM Plovdiv has been issued a complex permit. Umicore is currently in the procedure of issuing.The rest of the companies from the metallurgical branch have to submit applications no later than March 31. Applications for complex permit are submitted in the Environment Protection Executive Agency. Source: Pari (31.03.2005) |
| | Bulgaria's State Receivables Collection Agency (SRCA) collected BGN 180.905 mln last year, executive director, Mr. Stanislav Mihailov, said. This is by 20.4 per cent more compared with 2003 when revenues were BGN 150.234 mln. The biggest debtors in 2004 were Kremikovtzi, Stomana, Chimco-Vratza, Kamet-Pernik, and Varna Shipyards, Mihailov said. The bulk of the revenues - 65 per cent of the total amount, were effected from the collection of public state receivables. Last year they totaled BGN 118.438 mln or 20.5 per cent more than in 2003. Compulsorily collected taxes in 2004 were BGN 60.726 mln, and contributions due to the National Social Security Institute (NSSI) were BGN 28.501 mln. Debts to the customs collected were BGN 11.823 mln. BGN 42.291 of private state receivables were collected too. These include the receivables of the state under the Act on the Settlement of Non-Performing Loans (ZUNK), those of the closed State Reconstruction and Development Fund and State Energy Resources Fund, as well as of the State Agriculture Fund. These amounts received a year earlier were BGN 34.618 mln. The Companies' Insolvency Department collected BGN 14.494 mln in 2004, up by 6.72 per cent. As a whole, debts to the SRCA decreased, Mr. Mihailov said. The SRCA spent BGN 0.04 on the collection of every BGN 1 in 2004, while in 2003 it spent BGN 0.05. Source: Dnevnik (05.04.2005) |
| | Stomana JSC reported a first quarter profit of BGN 119 000. The revenues from sales amount to BGN 375 000, as they were BGN 170 000 y/y. the company reported a zero profit for the previous accounted period, as the growth of the net revenues from sales is not due to output disposal but to other activities. Source: Pari (29.04.2005) |
| | The Board of Directors of Stomana JSC - Pernik convenes an annual general meeting of the shareholders on July 20 2005. Source: State Gazette (31.05.2005) |
| | The Pernik District Court has to decide whether to resume the bankruptcy proceedings against Bulgaria's Stomana of Pernik within a month. The case was filed by the Agency for Government Claims (AGC). During Wednesday's hearings the court accepted the expert appraisal, which had to establish what debts the company had paid. According to the state debt collector, Stomana has not serviced its BGN 11.358 million public debt as agreed in the rehabilitation programme. The expert appraisal, however, shows that the company has not yet paid only 12.73% of the creditors' receivables, which amount to a total of BGN 69.895 million. Stomana has transferred BGN 2.260 million to the National Social Security Institute and has paid all social insurance contributions and wages due to laid-off workers. Nevertheless, AGC continues to demand resumption of the bankruptcy proceedings. Source: Pari (09.06.2005) |
| | The Supervisory Board of the National Social Security Institute (NSSI) has rescheduled obligations of the some of its debtors. Professional Football Club-CSKA is among them, which owed some BGN 600,000 but has paid half of the amount, and a rescheduling scheme has been adopted for the rest BGN 374,000. Stroitelstvo & Vazstanovyavane of Stara Zagora has also agreed the sinking plan. FSC has approved a recovery plan for Chimco JSC Vratsa. To the end of April there are some BGN 165 mln owed to the institute. The bigger debtors are Kremikovtzi JSC and Stomana JSC Pernik, but both of them have got sinking plans. The following companies in the list are Besttechnica TM - Radomir JSC, Vidachim JSC, and Mines-Bobov Dol. Source: Sega (13.06.2005) |
| | Pernik District Court registered changes for Stomana JSC Pernik: Mrs. Violeta Borisova Manolova and Mr. Tzvetan Stefanov Bankov, are dismissed as syndics of Stomana JSC. Source: State Gazette (08.07.2005) |
| | COURT DECLARES STOMANA AD BANKRUPT
Pernik Regional Court declared Bulgaria's Stomana JSC bankrupt by decision of July 7. The powers of the company's management bodies were terminated. Stomana has no right to dispose with its assets. The court ruling is based on the claim submitted by the Agency for Government Claims for renewing the insolvency proceedings against Stomana. The motive is that Stomana does not meet its payment obligations to the state under the recovery plan approved by the court. On July 12, the court reinstated Stomana's receiver Violeta Manolova to carry out the bankruptcy procedure. Source: Pari (14.07.2005) |
| | Bulgarian steel plant Stomana adjudicated bankrupt
Steel maker Stomana AD was adjudicated bankrupt by the Pernik regional court on July 7, the Bulgarian Stock Exchange said on Thursday, July 21. The court has issued a general injunction against disposition of Stomana property and stayed executory process against property of the plant. The court has also ordered to realise the assets of the debtor that are part of the bankruptcy estate. The court decisions should be executed immediately. The court has also reinstalled the functions of the bailiff Ms. Violeta Manolova. The insolvency proceedings against Stomana were initiated on a petition from the State Receivables Collection Agency (SRCA) lodged in February 2005. The agency argued that the company had defaulted on its recovery plan. At the time, Stomana's dues to the state were estimated at 11.3 mln levs, of which 10 mln levs are due to the National Social Security Institute and the remainder to the tax authorities. A recovery plan, which was adopted in 2000 and launched in May 2001, says that the company should dispose of its assets to cover outstanding liabilities. The recovery plan expired in June. So far, the steel company has sold more than 90% of its assets. Initially, the company's assets were expected to fetch some 42 mln levs. According to unofficial information, however, some 50 mln levs have been pocketed. The bulk went to pay wage arrears and maintenance costs. Greek company Sidenor, part of the Viohalco industrial group, acquired Stomana's main production in 2001 for $13.5 mln, and set up the locally-registered Stomana Industry. In a parallel development, a number of manufacturing units were sold as self-contained parts. Source: Dnevnik (22.07.2005) |
| | CORRECTION to Stomana Industry news item
On July 22, Dnevnik a.m. incorrectly reported that Bulgarian steel plant Stomana Industry had been declared insolvent. The cited insolvency ruling concerned another local company, Stomana AD. Dnevnik a.m. apologises for the unintentional mistake. A press release from Stomana Industry and a corrected version of the story follow.
PRESS RELEASE
Several articles that appeared in the Bulgarian press in the last couple of days, erroneously reported that steel company Stomana Industry AD has been declared insolvent.
Stomana Industry is a private, financially stable corporation founded in 2001 when Sidenor SA, Greece'e biggest steel maker, bought the core production facilities of former state-owned company Stomana AD in pursuance of a recovery plan.
The storied insolvency ruling concerns the liquidation of the former state-owned company Stomana AD and is in no way related to Stomana Industry AD.
* * *
Bulgarian steel plant Stomana adjudicated bankrupt
Steel maker Stomana AD was adjudicated bankrupt by the Pernik regional court on July 7, the Bulgarian Stock Exchange said on Thursday, July 21. The court has issued a general injunction against disposition of Stomana property and stayed executory process against property of the plant. The court has also ordered to realise the assets of the debtor that are part of the bankruptcy estate. The court decisions should be executed immediately. The court has also reinstalled the functions of the bailiff Ms. Violeta Manolova. The insolvency proceedings against Stomana were initiated on a petition from the State Receivables Collection Agency (SRCA) lodged in February 2005. The agency argued that the company had defaulted on its recovery plan. At the time, Stomana's dues to the state were estimated at 11.3 mln levs, of which 10 mln levs are due to the National Social Security Institute and the remainder to the tax authorities. A recovery plan, which was adopted in 2000 and launched in May 2001, says that the company should dispose of its assets to cover outstanding liabilities. The recovery plan expired in June. So far, the steel company has sold more than 90% of its assets. Initially, the company's assets were expected to fetch some 42 mln levs. According to unofficial information, however, some 50 mln levs have been pocketed. The bulk went to pay wage arrears and maintenance costs. Greek company Sidenor, part of the Viohalco industrial group, acquired Stomana's main production in 2001 for $13.5 mln, and set up the locally-registered Stomana Industry. In a parallel development, a number of manufacturing units were sold as self-contained parts. Source: Dnevnik (26.07.2005) |
| | Stomana JSC - Pernik, Bourse code STOM, /in insolvency/, the General Meeting of which was held on July 20 2005, shall not distribute dividends for 2004. Stomana JSC - Pernik reported a profit to the amount of BGN 69,467,000. Source: Capital market (12.08.2005) |
| | Pernik District Court allows the syndic of Stomana JSC - Pernik /bankrupt/ to dispose companys funds; convenes general meeting of the creditors on September 16, 2005. Source: State Gazette (16.08.2005) |
| | Pernik District Court registered the following changes for Stomana JSC - Pernik /bankrupt/:
1. Restores the bankruptcy procedure for Stomana JSC - Pernik
2. Terminates the authorization of the bodies of the debtor
3. Deprives the debtor of the right to dispose companys property included in the bankruptcy mass
4. Constitutes the start of cashing debtors property included in the bankruptcy mass and its allocation by the syndic. Source: State Gazette (16.08.2005) |
| | Promet Steel Invests EUR 35 mln in New Capacities
The building of the metallurgical plant Promet in Debelt was one of the most ambitious undertakings in the times of late socialism. Back then, the ruling government thought that heavy industry should be the base of the countrys economy. The building of the enterprise commenced in the early 80s. In 1988, it started actual operations. The idea was the new metallurgical facility to completely replace Kremikovtzi and the former Stomana-Pernik. Therefore, the plant near Debelt became also known as the third metallurgical base in Bulgaria. It was built on an area of 9000 decares. Besides steel producing capacities and hot rolling loom 300, a sheet iron producing loom was also to be installed, as well as develop other metallurgical productions. Consequently, however, only one hot rolling loom 300 (for production of fixture and shaped iron) was built. The main problem facing the plant is that when it was built, it did not dispose of any extraction capacities. In order to be able to produce output, Promet Steel buys raw materials either from abroad or from the two metallurgical plants in Bulgaria Kremikovtzi and Stomana. Promet processes the materials and sells them. In order to be able to fully close the production cycle and establish Promet Steel as an independent player on international markets, not influenced by market prices, the plant should build its own steel producing capacities, i.e. electric furnace for continuous casting. Only recently, we organized a competition for the building of new production capacities, Promet Steel managers explained. Out of all offers, we chose the one submitted by Austrias Voest Alpine. This is the Mercedes of the industry, Mr. Miroslav Borisov, CEO of Promet Steel, proudly said. According to him, a preliminary written statement has already been signed, certifying that the two parties are ready to proceed to the signing of actual contract. The subject of the contract will be delivery of electric furnace for continuous steel casting with a capacity of 600 000 t annually. The building of the new production facility is supposed to be commenced in the end of this year and to be completed in a year and a half. Alongside, the company is also planning to build a line for production of round fixture iron with different diameter using the latest technology. This will allow the plant to reach its optimum of 800 000 1 000 000 steel annually worth about USD 600 mln. If we compare the volume of the production of other steel plants, we will be at the level of Kremikovtzi, Mr. Miroslav Borisov was proud to say. The line is very economical and saves a lot of resources. The whole investment for the purchase and building of the electric furnace and this line amounts to nearly UER 35 mln. This is the biggest investment in this field in the region. 300 new jobs are to be created, following the launching of the new facility. The so-called slitting process has already been introduced in Promet Steel. This is a modern technology, allowing the production of 2 instead of 1 fixture rods per one time unit. Furthermore, it reduces costs. The goal is to reach production output of 3 rods simultaneously, the managers explained. Through the implementation of major investments over the past couple of years,Promet Steel became a modern and competitive European plant. The former pearl of socialism is now making an actual promise to become the new Bulgarian metallurgical giant. Source: Pari (19.08.2005) |
| | 50 Companies Owe over BGN 160 mln in Social Security
By June 30, 2005 the total obligations of the 50 biggest debtors to Bulgaria's social security fund stand at BGN 161.256 million, the National Social Security Institute said. The sum includes both principal and interest. The obligations decreased by BGN 3.703 million compared to end-April. Steel mill Kremikovtsi is at the top of the debtors' list and a repayment plan was adopted for the company. Another steel mill, Stomana of Pernik, is second. Both a repayment plan and a recovery programme were adopted for part of the company's obligations. Heavy machine-building company Besttehnika TM of Radomir and chemical company Vidachim are third and fourth. Their obligations will be force-collected by the Agency for Government Claims. Source: Pari (22.08.2005) |
| | Pernik District Court registered the following changes for Stomana JSC - Pernik /bankrupt/:
1. Declares Stomana JSC - Pernik bankrupt
2. Terminates the activity of the debtor Stomana JSC - Pernik
3. Constitutes general ban and distraint over companys property
4. Terminates the authorization of the bodies of the debtor Stomana JSC - Pernik
5. Deprives the debtor of the right to dispose companys property included in the bankruptcy mass
6. Constitutes the start of cashing debtors property included in the bankruptcy mass and its allocation by the syndic. Source: State Gazette (23.08.2005) |
| | Pernik District Court registered the following change for Stomana JSC - Pernik /bankrupt/:
Restores the functions of the syndic Ms. Violeta Borissova Manolova as of July 12, 2005. Source: State Gazette (23.08.2005) |
| | The assets of the Pernik-based smelter Stomana JSC will be sold out through auctions by self-contained parts, the general meeting of the companys creditors decided on Friday. According to the insolvent companys assignee, Ms. Violeta Manolova, the company has four real estates and short-term fixed assets, including machinery and computers. The companys production has been entirely transferred to Stomana Industry JSC. Source: Dnevnik (17.09.2005) |
| | Bourgas Port left with one ship only
Bourgas port was left with a single ship. Cargo turnover was down to nearly zero. Over the past 48 hours, only the Turkish vessel Antakia entered the port. The ship unloaded metal rollons, workers told us. A couple of days ago, two vessels entered the port. The ports management refused to disclose the amount of cargo turnover last week. According to sources familiar with the matter, cargo processing has been sluggish over the past few months. The number of ships entering Bourgas port has decreased drastically as well. Specialists think that this is a very bad publicity for our countrys economy. Stomana Industry*, which was one of the main contractors of the port, already prefers to transport its production to Greece by trucks. The warehouses and shops of the Bourgas port are almost empty. Unlike other years, this autumn there are no storages of grain even The new cargo terminal is also deserted. The previous expectations it would return the millions of euro invested in it, were not justified. Source: Standart (04.10.2005) |
| | Waters of Sruma river polluted in Pernik
The waters of the Struma river were poluted in the Humni dol district in Pernik. The signal was received yesterday about 15:30 PM, the local Civil Defence service announced. A team of the Civil Defence direction and the Waters unit at the Regional Inspection of Environment and Waters in Sofia checked the river valley yesterday and found that the pollution comes from a lime making workshop operated by Stomana of Pernik. The workshop will be inspected today. Source: Other (10.10.2005) |
| | Ms. Violeta Borissova Manolova the syndic of Stomana JSC - Pernik /bankrupt/, would like to announce that the lists of the companys creditors are prepared and are presented in the office of the Pernik District Court. Source: State Gazette (14.10.2005) |
| | The company is included in the list of 50 top biggest debtors of The National Social Security Institute, with a total amount of the obligations to 30 September 2005 BGN 158 028 000 (principal and interests).
The company is included in the list
2 Stomana JSC - Pernik
3 Besttechnica TM - Radomir JSC - Radomir Source: Other (24.11.2005) |
| | Wages at big companies rise fastest
Wages at the 350 companies the National Social Security Institute (NSSI) reported as the most law-abiding employers have increased by 6-10 per cent on average. The growth is for the first nine months of 2005. The prestigious list includes the companies which pay the highest insurance income. This means the owners do not underreport employees remuneration and pay social insurance contributions in full. These companies the NSSI calls the most law-abiding companies. For the first time, this year the biggest companies reported the highest rise. Analysts say pay increase follows the rise in labour efficiency. Nominally the average productivity has jumped by some 8 per cent over the first six months of the year. I suppose the rise for the entire 2005 will be within this range, Mr. Georgi Stoev from Industry Watch said. In his words however, the wage growth in smaller companies may not be reported correctly, as they are more flexible in concealing labour costs. Generally, there is no lasting reason for the wages in one and the same industry to rise at a different speed for small and for big companies, he commented. Surprisingly, the biggest percentage increase in wages was reported in the biggest companies employing more than 1,000 people. The insurance income at these companies rose by 9.9 per cent to BGN 599 from January to September. The main reason was the job cuts from 180,000 to 112,000, along with the output increase. This group includes the big manufacturing companies the telecoms Bulgarian Telecommunication Company and Mobiltel, the industrial giants Ideal Standard, Vidima, NPP Kozloduy, Stomana Industry, Asarel Medet, Plovdiv-based Combine for Non-ferrous Metals, etc. The fifty biggest debtors to the NSSI did not pay in a total of BGN 158 mln of principals and interests compared to BGN 165 mln three months ago. Traditionally, the list is topped by Kremikovtzi metal works, which however, has a payment scheme the company performs. Pernik-based Stomana and Besttechnica of Radomir rank next. The latter is among the leaders of another black list the one of the National Health Insurance Funds debtors. The total amount of debts of the 50 most irresponsible employers to the Health Insurance Fund for the nine months of the year is BGN 12.6 mln, as much as at the end of June. Usually these are municipalities or bankrupt companies, most of which are mines. Source: Dnevnik (28.11.2005) |
| | Ms. Violeta Borissova Manolova the syndic of Stomana JSC - Pernik /bankrupt/, would like to announce that the prepared lists of the additionally claimed receipts have been presented and may be found in the office of the Pernik District Court. Source: State Gazette (20.12.2005) |
| | Stomana JSC's bankruptcy confirmed
The Supreme Court of Cassation confirmed the judgment of Pernik District Court from June 2005 concerning the second declaration of bankruptcy of Stomana JSC - Pernik. The judgment of the SCC is by cassation complaint of the former executive officer of Stomana JSC eng. Spas Hristov. It claims that the state-owned company has discharged part of its duties on the restructuring plan and continues to pay its debts. According to the SCC the debtor, Stomana JSC - Pernik, does not discharge its duties on the restructuring plan, which is clearly expressed in the legal-financial investigation. The extent of the non-feasance is not enacted by the law. The production is being resumed and it is necessary and sufficiently to determine only non-feasance of obligations on the restructuring plan. As far as the emphasized in the progress of the case new argument that the term of the sanitary plan is prolonged, which argument is not included in the cassation complaint, it should not be discussed. Despite this change of the sanitary plan it is inadmissible according to the Commercial Act. On this basis the SCC considers the cassation complaint as ungrounded so the judgment appealed should be left in force. Source: Pari (06.02.2006) |
| | Sentence of former director of Stomana-Pernik upheld
The Supreme Court of Cassation upheld the judgment of the Sofia Court of Appeal, which declared the former executive director of Stomana JSC, Spas Hristov, not guilty. Two charges were brought against Mr. Spas Hristov - of willful neglect, which provided imprisonment of 8 years, and conclusion of unprofitable deal. The offenses were done in the period July 29 - August 15, 2003. The former executive officer was accused of not exerting enough efforts and deliberate causing of damages to Stomana JSC to the amount of BGN 22 787. Source: Pari (10.02.2006) |
| | National Social Security Institute - Sofia announced the list of the 50 biggest debtors for 2005. The total amount of debts is BGN 131.923 mln (principal and interests):
4 Bobov Dol Mines - Bobovdol garnished bank accounts Source: Other (14.02.2006) |
| | Stomana receivables to be auctioned
An auction for Stomana's receivables from third persons and receivables adjudged by the court is scheduled for June 7, 2006. The auction will be organised as an open bidding procedure, the receiver of the Bulgarian company, Violeta Manolova. Bidding for the receivables will start from BGN 221,809 and USD 7,144. That makes up some 80% of the market value of the assets. Increments are set at BGN 5,000. The sale of receivables was approved by the board of creditors last September. A court sanctioned the procedure on May 17, 2006. Source: Pari (02.06.2006) |
| | BDZ Might Obstacle Bulgarian Economy Next Year
BDZ is on its way to block the whole countrys economy next year as it there is a lack of 1000 freight wagons per day. This could obstacle some of the countrys major sectors, the ferrous and non-ferrous metals chamber alarmed yesterday. Until 2009 the production capacity of the metallurgy factories in Bulgaria will be doubled but BDZ will not be able to transport the new output volumes and this could trouble our metallurgy companies like Kremitkovtzi JSC, Stomana Industry JSC, Sofia Med JSC etc. a lot. Those companies have already handed over this alarming facts to the Bulgarian Industrial Association-Union of Bulgarian Business. According to the Kremikovtzis managers Bulgarian ports are already facing similar difficulties with the freights capacity. Extremely hard is the situation of the Danube river ports while the total capacity of the ports at Varna and Bourgas altogether is 10 times lower than of Constanca, Romania. On average the freight wagons that BDZ uses are aged 25. More than BGN 200 mln are required in order just the needed wagon park to be fulfilled. Despite all the difficulties BDZ continues to pay its debt to Siemens and it has to pay another EUR 106 mln for 25 electric wagons to the German company. Source: Sega (12.10.2006) |
| | The first metallurgical plant built with private funds only opened doors in Plovdiv. Plovdiv becomes the new metallurgical center on the Balkans as Helios-Metalurg changed the metallurgical map of Bulgaria significantly
The new plant was built within two years as Bulgarian and foreign companies took part in the construction works. It is equipped with the latest equipment and technical systems that ensure ecological protection during the production cycle. The plant will produce reinforcement steel profiles class between 10 to 28 mm in diameter. The modern technologies that are implemented at the site ensure that the production cycle might be switched from one to another within 2 hours only. There are over 160 workers at the new plant and the final products will be sold on the domestic market and abroad. Helios-Metalurg is a Branch Chamber for Ferrous and Non-Ferrous Metallurgy in Bulgaria member (that is a Bulgarian Industrial Association-Union of Bulgarian Business member). The capacity of the reinforcement steel production mills of Helios-Metalurg is - in Plovdiv mill 2000 tons (from the beginning of March 2007 on), Sofia 1500 tons, Bourgas 600 tons (from the beginning of Feb 2007 on). One of the biggest advantages of the factory is its flexibility during the production process. We are market oriented to the clientss needs, said Mr. Vasil Vasilev an executive director of Helios-Metalurg. Just within a couple of hours we could easily switch production from one profile to another. Thus we exclude the chance to keep big provisions of ready to sell production and furthermore a lack of enough raw material. The great production cycle and the well-established distribution network throughout the country in all major trade centers in the country like Sofia, Plovdiv, Bourgas, Gotse Delchev, Svishtov are among the greatest advantages of the new steel mill. A proof for quality of the whole production line and the trade nomenclature of Helios-Metalurg is the fact that the company is a major supplier of companies that are in charge of servicing important national sites as Thermo-electric power plant Maritsa-iztok-2 and 3. Helios-Metalurg also conducts active social and eco policy. The company provides jobs to 160 people in Plovdiv and the vicinities. Usually most of the employees chose to stay long at the company as some of them have already worked for more than 16 years now. This is just another proof about the good social policy of Helios. The company continues its policy to hire university students on training programmes. We realize that we have a fundamental role in Plovdivsocial life, said Mr. Vasil Vasilev and we are ready to the whatever needed to help solving major issues like unemployment level and workerss qualification. Parallel to the production process the company is also performing active trade policy that includes a high scale of metallurgical articles used in the construction business. Source: Company information (30.01.2007) |
| | NEK shut down Radomir Metal industries electricity because of a debt
National Electricity Company (NEK) shut down the first entrance that supplies Radomir Metal industries with high voltage electricity, informed the CEO of the company Ludmil Alexandrov quoted by BTA. A debt of BGN 2.4 m led to the shut down. The amount is a result of an agreement made two years ago and the difference between the old and the new prices of electricity brought in by NEK, managed by Lubomir Velkov this summer. From 1 July the company receives invoices with the new tariffs but refuses to pay it and pays off by the old prices. As a result a debt of BGN 90,000 is accumulated each month. The company claims BGN 3 m including interests from NEK. That is because the company bought off a debt of Nek to Stomana JSC Pernik, that is in liquidation. Source: Monitor (08.10.2007) |
| | The company is included in the National revenues agencys list of debtors towards 2008, November 30, that did not pay in term their tax and insurance obligations, exceeding BGN 5000, did not have property, or claims toward banks or third persons. Source: Tax Administration (28.02.2008) |
| | Two Receivers Take up the Management of Kremikovtsi
Two receivers will take up the management of the bankrupt Kremikovtsi plant. This transpired at the first meeting of the creditors that ended late on Friday. The talks continued for ten hours - from 10.30 am until 8.30 pm. The creditors decided that the plant should be managed by Ana Milenkova, who is presently appointed as a receiver of the plant and Veselin Bankov, who was a receiver at the bankrupt Stomana - Pernik and Plama Pleven oil refinery. The creditors also decided not to form a committee of their representatives, but to assign the management of the plant to two permanent receivers. In a month's time they should submit to court Kremikovtsi's viability plan. Source: Standart (28.09.2008) |
| | The company is included in the National revenues agencys list of debtors towards 2008, November 30, that did not pay in term their tax and insurance obligations, exceeding BGN 5000, did not have property, or claims toward banks or third persons. Source: Tax Administration (30.11.2008) |
| | The insolvency procedure of Stomana Pernik finalized
A decision from 7.01.2009 for finalization of the insolvency procedure of Stomana JSC Pernik /3JW/ was presented to Bourse Information Company Capital market SPLTD by the Trade Register. Source: Company information (07.01.2009) |
| | Direct losses of enterprises due to the cut gas supply for the last two weeks have reached BGN 170 million, minister of economy and energy Petar Dimitrov said. He defined the unprecedented gas crisis as a catastrophe of Bulgarian economy equal to a terrorist act. The most seriously affected sectors are the fertilizers plants, metallurgy and chemical industry. Biovet Peshtera pharmaceutical plant, for example, accumulated EUR 4 million loss due to the stopped gas. At present gas delivery of 2.5 million cubic m per day is guaranteed from Greece. By last night the crisis committee in the Ministry of economy and energy had to make a plan for the supply of the most affected companies. Today Bulgargas bosses are in Turkey to discuss alternative gas supplies and joint projects. Even if the crisis is over, we are obliged to discuss all alternative ways of natural gas supply so that the present situation will never be repeated, Dimitar Gogov, executive director of Bulgargas, commented. In a long-term plan Turkey might become a basic supplier for Bulgaria. The great question that remains even after the gas supplies are restored is: Will business in Bulgaria receive compensations for the losses? It has already become known that no such clauses are included in the contracts with Bulgargas. This fact, however, does not take away the responsibility of Bulgarian government to seek all ways to cover the damages. One way is to get additional amounts of the blue fuel at 4-8% lower price. Source: Pari (21.01.2009) |
| | A total of 11 603 companies have debts for more than BGN 5000 to the National Revenue Agency. The total amount of debts is BGN 9.63 billion. 1896 companies owe the NRA amounts of over BGN 1 million. Leader by debts is Translimited which owes over BGN 431 million. The company is believed that has bought companies in debt to the Treasury, and thus has acquired their debts. The second largest debtor is Afeliya Ltd. with obligation to NRA of over BGN 163 million. It is followed by Stomana Pernik, declared bankruptcy, which owes more than BGN 73.6 million. Fourth was Christian RadicalParty with debts of more than BGN 58 million, Stroikomplekt 2006 Ltd owes BGN 53 million and Bourgas Sugar Plants JSC - over BGN 39 million. Source: Duma (09.02.2012) |
| | Bulgaria produces more ferrous metals than steel
Bulgaria produced more copper, zinc and lead than steel. Currently, non-ferrous metallurgy gives 80% of the production in the sector. This data of the Bulgarian Association of Metallurgical Industry (BAMI) was given on the occasion of today's industry holiday. By 1989 Kremikovtzi, Stomana and Promet produced around 3 million tons of steel, in 2001 production fell to 2 million tons per year, then after the halt of Kremikovtzi in 2008 output shrank to 500 thousand tons. Meanwhile Bulgaria sells more copper, lead and zinc, which is a result of large investments in the sector. Only in 2013, for example, were invested BGN 200 million in new facilities and technology. Bulgaria currently holds 13.8% of the production of anode copper in the EU, 5.2% of lead and 3.7% of zinc. "The good thing is that they are expensive metals for which demand is growing worldwide, said CEO of BAMI Politimi Paunova. Ton of copper on the London Metal Exchange cost USD 7-8 thousand, while a ton of rebar is about USD 200. Despite the difficult economic environment and the expensive electricity, Bulgarian metallurgical industry has a significant share in the total industrial output. In 2013 sector output is about BGN 7 billion. It forms about 15% of exports and labor productivity is three times higher than the national average. Bulgarian companies work primarily with imported concentrates and still manage to be competitive, said Paunova. It shows they are well technologically developed. Source: Presa (05.11.2014) |