The Bulgarian Government may have fretted over the fate of troubled steel mill Kremikovtzi in the heat of the global economic crisis, but now there are five offers on the table, Deputy Economy and Energy Minister Nina Radeva said.

Candidates have expressed interest in supplying raw materials, signing a a production deal or operating the plant. Some of them wrote straight to Prime Minister Sergei Stanishev.

The prospective suitors are Ukrainian Smart Group of billionaire Rinat Akhmetov, a tie-up between Czech investment company ML Moran and consultancy AT Kearney, the owner of local lead and zinc smelter OCK Valentin Zahariev, Russian company Prominvest and a raw material supplier which wished to remain unnamed. Talks are most advanced with the Ukrainian canidate and the consortium.

Smart Group offered in a letter addressed to Stanishev to help the state draw up a rescue plan for Kremikovtzi, restructure the plant's debts, coordinate investment and social committments and sort out ecological and licencing issues.

ML Moran and AT Kearney directors arrived in Bulgaria yesterday to meet with Stanishev. ML Moran has helped bring back on track Czech company Vitkovic and sell it to Russia's Evraz, one of the world's steel and mining majors.

The tie-in says a business strategy should be drafted to resume operations at the mill. The company's debts should be restructured and and a revolving credit line should be given for operating cash.

Prominvest and the unnamed candidate are willing to supply raw materials to the mill.

Valentin Zahariev's offer has not been revealed to the public yet, and he has not been invited to talks either.

A ministry source speaking on condition of anonymity said Economy Minister Petar Dimitrov has spoken to prospective Brazilian suitors during his visit to Latin America.

Source: Dnevnik