Italian steelmaker AFV Beltrame’s Romanian special steel plant COS Targoviste has reported LEI 103.5 million lei (EUR 21 million) net profit in the first nine months of 2022, from a net loss of LLEI 22.4 million during the same period of 2021 on the back of its insolvency procedures and the consequent sale of its assetsCOS Targovite’s total revenues jumped to LEI 256.1 million during the first nine months of 2022, from LEI 8.9 million in the same period of 2021. Expenses soared to LEI 152.6 million during January-September 2022, from LEI 31.3 million LEI in the year ago period.Total assets shrunk to LEI 70.9 million at the end of the first nine months of 2022, from LEI 194.9 million at the end of 2021. Debt almost halved, reaching LEI 281.5 million at end-September, compared to LEI 508.3 million owed at the end of 2021. Following its asset sales, COS Targoviste covered outstanding wages, as well as debts to the state budget, while partially settling current debts incurred during the insolvency procedure.Founded in 1969, COS Targoviste is a producer of billets and steel products like rebars & rounds in Romania. Since February 2013, it has been in insolvency proceedings for reorganization. In March 2013, the production activity successfully resumed. In March 2022, Italian steel bars and special steels manufacturer AFV Beltrame Group announced that it had acquired the functional production assets of COS Targoviste, through its Romanian subsidiary Donalam. Following the acquisition, Beltrame added that it plans to invest EUR 200 million to upgrade the Targoviste special steel plant and build a photovoltaic park with an installed capacity of 100-120 MW.
Italian steelmaker AFV Beltrame’s Romanian special steel plant COS Targoviste has reported LEI 103.5 million lei (EUR 21 million) net profit in the first nine months of 2022, from a net loss of LLEI 22.4 million during the same period of 2021 on the back of its insolvency procedures and the consequent sale of its assetsCOS Targovite’s total revenues jumped to LEI 256.1 million during the first nine months of 2022, from LEI 8.9 million in the same period of 2021. Expenses soared to LEI 152.6 million during January-September 2022, from LEI 31.3 million LEI in the year ago period.Total assets shrunk to LEI 70.9 million at the end of the first nine months of 2022, from LEI 194.9 million at the end of 2021. Debt almost halved, reaching LEI 281.5 million at end-September, compared to LEI 508.3 million owed at the end of 2021. Following its asset sales, COS Targoviste covered outstanding wages, as well as debts to the state budget, while partially settling current debts incurred during the insolvency procedure.Founded in 1969, COS Targoviste is a producer of billets and steel products like rebars & rounds in Romania. Since February 2013, it has been in insolvency proceedings for reorganization. In March 2013, the production activity successfully resumed. In March 2022, Italian steel bars and special steels manufacturer AFV Beltrame Group announced that it had acquired the functional production assets of COS Targoviste, through its Romanian subsidiary Donalam. Following the acquisition, Beltrame added that it plans to invest EUR 200 million to upgrade the Targoviste special steel plant and build a photovoltaic park with an installed capacity of 100-120 MW.
