It is reported that Mr Konstantin Zhevago Ukrainian billionaire paid another unscheduled visit to Bulgaria on August 29th to meet executives from Bulgarian steel mill Kremikovtzi which he is targeting for acquisition.

Sources told Dnevnik that at the meeting, Mr Zhevago reportedly vowed to whip the debt-ridden company into shape in three years, preserving the production assets and securing an integrated pollution prevention and control permit. The same sources said Mr Zhevago was not happy with the state of the assets, but promised to provide the necessary investments. No statement for the media was released in connection with Mr Zhevago's visit to Sofia.

Mr Zhevago controlled Vorskla Steel has become eligible to enter the management bodies of the Bulgarian steel mill in pursuance of a sub contracting agreement.

The agreement allowed for the resumption of gas supplies to the plant with the aim of raising monthly output to 60 000 tonnes and then to 100 000 tonnes.