Financially troubled Mechel Targoviste was sold to Bucharest-based Invest Nikarom in a 230 lei (EUR52) deal through which Russian steel group Mechel disposed of all its assets in Romania.
“With Invest Nikarom’s support, efforts will be made to restart operations at Mechel Targoviste under the best economic environment,” Mechel said.
Mechel Targoviste halted production in December 2012 due to weak market demand. The company employs around 2,000 staff.
The company reported a loss of RON78 million (EUR17.6 million) in January through September last year, on total sales of RON773.2 million. End-September, Mechel Targoviste had total debts worth RON613 million and receivables of RON150 million.