Romania Insider reported that Italian group Beltrame pledged to invest EUR 100 million in Targoviste Romania based Special Steel Plant COS Targoviste, which it is close to taking over, and invest EUR 300 million in a new plant for the construction of 600KT per annum rebar and rolled wire to transform the COS Targoviste plant into a competitive special steel production unit at European level. Carlo Beltrame "We have included COS Targoviste in our investment plans as it is a steel plant with a rich history and a lot of experience in the steel industry, and the products that can be produced here are complementary to the steel bars we already produce in Donalam Calarasi. We will create a synergy with the rolling mill we own in Calarasi and the Targoviste mill will return to the production of special steels for which it was originally built. We will start production in the existing steel mill and the two rolling mills as soon as possible. At first, we will produce rebar, even if the plant cannot be competitive for this product, and later we will produce special steel, as the latter is more difficult to produce and requires more time to train the workforce. I am sure that in a couple of years we will have the same range of steels that we have now at Donalam.”Present on the Romanian steel market since 2007, where it owns the rolling mill in Calarasi through its subsidiary Donalam, AFV Beltrame Group wants to expand its activity in Romania by acquiring and reopening the steel production unit owned by COS Targoviște SA, a company currently under judicial reorganization, pending the resolution of the appeal against the Court’s decision to declare bankruptcy. Beltrame Group has received authorization from the Competition Council for the acquisition of the functional production assets of the Special Steel Plant in Targoviste. The value of the transaction amounts to EUR 38.3 million Euro. The deal still depends on COS completing the insolvency procedures. Other bidders interested in COS’ assets also challenged the outcome of the tender, and their claim must be settled before finalizing the deal.COS was owned by the Russian group Mechel, but the majority stake was taken over in 2013 by the offshore Mazur Investments Ltd in Cyprus, which has 86% of the capital. The Romanian state holds 4%. The plant has been in insolvency proceedings since February 2013 and is one of the main producers of billets and steel products in Romania. Short history1973 - The first production capacities were ready - steel processing and forging1975 - The name of the company became Special Steel Plant COS1991 - The COST SA Commercial Company was established2002 - The moment of privatization. Conares Trading AG Switzerland (later Mechel International Holdings GmbH) bought the majority stake2005 - The name of the company became SC Mechel Targoviste SA2013 - Majority shareholder of the company became MAZUR INVESTMENTS LIMITED Cyprus Company owned by INVEST NIKAROM SRL. The general insolvency procedure was opened in order to reorganize. Returned to the old name, COS Targoviste2015 - Court confirmed the Reorganization Plan of the activity of COS TÂRGOVIŞTE SA & later sent it to judge for the continuation of the insolvency procedure2019 - The court confirmed the Reorganization Plan of the activity of COS TARGOVISTE SA proposed by the creditor Alphard Financial Corp and voted by the Creditors' Meeting on 24.10.2019
Romania Insider reported that Italian group Beltrame pledged to invest EUR 100 million in Targoviste Romania based Special Steel Plant COS Targoviste, which it is close to taking over, and invest EUR 300 million in a new plant for the construction of 600KT per annum rebar and rolled wire to transform the COS Targoviste plant into a competitive special steel production unit at European level. Carlo Beltrame "We have included COS Targoviste in our investment plans as it is a steel plant with a rich history and a lot of experience in the steel industry, and the products that can be produced here are complementary to the steel bars we already produce in Donalam Calarasi. We will create a synergy with the rolling mill we own in Calarasi and the Targoviste mill will return to the production of special steels for which it was originally built. We will start production in the existing steel mill and the two rolling mills as soon as possible. At first, we will produce rebar, even if the plant cannot be competitive for this product, and later we will produce special steel, as the latter is more difficult to produce and requires more time to train the workforce. I am sure that in a couple of years we will have the same range of steels that we have now at Donalam.”Present on the Romanian steel market since 2007, where it owns the rolling mill in Calarasi through its subsidiary Donalam, AFV Beltrame Group wants to expand its activity in Romania by acquiring and reopening the steel production unit owned by COS Targoviște SA, a company currently under judicial reorganization, pending the resolution of the appeal against the Court’s decision to declare bankruptcy. Beltrame Group has received authorization from the Competition Council for the acquisition of the functional production assets of the Special Steel Plant in Targoviste. The value of the transaction amounts to EUR 38.3 million Euro. The deal still depends on COS completing the insolvency procedures. Other bidders interested in COS’ assets also challenged the outcome of the tender, and their claim must be settled before finalizing the deal.COS was owned by the Russian group Mechel, but the majority stake was taken over in 2013 by the offshore Mazur Investments Ltd in Cyprus, which has 86% of the capital. The Romanian state holds 4%. The plant has been in insolvency proceedings since February 2013 and is one of the main producers of billets and steel products in Romania. Short history1973 - The first production capacities were ready - steel processing and forging1975 - The name of the company became Special Steel Plant COS1991 - The COST SA Commercial Company was established2002 - The moment of privatization. Conares Trading AG Switzerland (later Mechel International Holdings GmbH) bought the majority stake2005 - The name of the company became SC Mechel Targoviste SA2013 - Majority shareholder of the company became MAZUR INVESTMENTS LIMITED Cyprus Company owned by INVEST NIKAROM SRL. The general insolvency procedure was opened in order to reorganize. Returned to the old name, COS Targoviste2015 - Court confirmed the Reorganization Plan of the activity of COS TÂRGOVIŞTE SA & later sent it to judge for the continuation of the insolvency procedure2019 - The court confirmed the Reorganization Plan of the activity of COS TARGOVISTE SA proposed by the creditor Alphard Financial Corp and voted by the Creditors' Meeting on 24.10.2019
