The Brazilian company CSN (Companhia Siderurgica Nacional) is ready to invest almost USD 400 M in Bulgaria's steel mill Kremikovtzi in the next four years.

The news was announced Monday night by the leader of the Kremikovtzi unit of the Podkrepa Labor Confederation Lyudmil Pavlov, who has attended a meeting with CSN's director Eneas Garcias Dines.

According to Pavlov, the company was going to submit a formal offer for the purchase of the plant, which would be considered by the government.

In his words, CSN had provided guarantees that no workers would made redundant, and that all of the steel factory's troubles would be fixed if it was sold to them.

Earlier on Monday Bulgaria's Economy Ministry issued a statement explaining there had been seven different bids for Kremikovtzi, and that it had been corresponding with a potential eighth bidder, the Brazilian company CSN, which, however, had not submitted a formal offer.

CSN was founded in 1969, and is presently the second largest steel-maker in Brazil. Its main plant is located in the city of Volta Redonda in the state of Rio de Janeiro.

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