Mon Jan 30, 2012
FRANKFURT Jan 30 (Reuters) - Kloeckner & Co , Europe's largest independent steel trader, expects Europe's demand for steel to drop significantly this year, its chief executive told a German newspaper.
"We are preparing ourselves for a drop in steel demand in Europe of up to 5 percent this year, it could even be worse," Gisbert Ruehl told Financial Times Deutschland in an interview published on Monday.
Europe's debt crisis has undermined consumer confidence, hit industrial output and raised the spectre of recession in the single currency zone, leaving clients reluctant to stock their inventories in a sector that swings swiftly to match economic cycles.
(sourced Reuters)
Showing posts with label Bulgarian steel. Show all posts
Showing posts with label Bulgarian steel. Show all posts
Monday, January 30, 2012
Tuesday, February 8, 2011
Third auction of Kremikovtzi assets also fails
Monday, 07 February 2011 17:19:48 (GMT+2)
The third auction of the assets owned by bankrupt Bulgarian steel giant Kremikovtzi has failed like the previous two auctions, since the only bidder did not present satisfactory documentation certifying that it had paid the required deposit, Sofia News Agency has reported. The bidder Victory Commerce, owned by Bulgarian businessman Georgi Manchev, has presented the copy of an email according to which Russia-based Rosbank transferred the required €20.28 million deposit for participation in the auction. However, Bulgarian Development Bank, which is carrying out the bankruptcy procedure, has stated in a press release that it has not received any deposit from the company. Mr. Manchev has said Victory Commerce is now withdrawing its bid. Bulgaria regrouped the assets of bankrupt Kremikovtzi to cut their price and tried to auction them for a third time on Monday, February 7, 2011, after failing to attract any bidders in the two previous auctions. For Monday's unsuccessful bid, the starting price was set at BGN 395 million (approx. $274 million), down 31 percent from the initial price at the first auction. As SteelOrbis previously reported, Kremikovtzi was placed in receivership in 2008, after failing to pay investors holding €325 million ($440 million) in bonds. Following the failure of attempts to sell Kremikovtzi to ArcelorMittal and Ukrainian businessman Konstantin Zhevago, owner of Vorskla Steel Bulgaria, Kremikovtzi was declared bankrupt at the end of May last year and cleared for liquidation in June. Tags: Bulgaria , Europe, steelmaking(sourced:steelorbis)
The third auction of the assets owned by bankrupt Bulgarian steel giant Kremikovtzi has failed like the previous two auctions, since the only bidder did not present satisfactory documentation certifying that it had paid the required deposit, Sofia News Agency has reported. The bidder Victory Commerce, owned by Bulgarian businessman Georgi Manchev, has presented the copy of an email according to which Russia-based Rosbank transferred the required €20.28 million deposit for participation in the auction. However, Bulgarian Development Bank, which is carrying out the bankruptcy procedure, has stated in a press release that it has not received any deposit from the company. Mr. Manchev has said Victory Commerce is now withdrawing its bid. Bulgaria regrouped the assets of bankrupt Kremikovtzi to cut their price and tried to auction them for a third time on Monday, February 7, 2011, after failing to attract any bidders in the two previous auctions. For Monday's unsuccessful bid, the starting price was set at BGN 395 million (approx. $274 million), down 31 percent from the initial price at the first auction. As SteelOrbis previously reported, Kremikovtzi was placed in receivership in 2008, after failing to pay investors holding €325 million ($440 million) in bonds. Following the failure of attempts to sell Kremikovtzi to ArcelorMittal and Ukrainian businessman Konstantin Zhevago, owner of Vorskla Steel Bulgaria, Kremikovtzi was declared bankrupt at the end of May last year and cleared for liquidation in June. Tags: Bulgaria , Europe, steelmaking(sourced:steelorbis)
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