China Investors Eye Extinct Sofia Steel Mill's Plot

Business | October 29, 2010, Friday // 11:26| Views: | Comments: 21
China Investors Eye Extinct Sofia Steel Mill's Plot: China Investors Eye Extinct Sofia Steel Mill's Plot Kremikovtzi, one of Bulgaria's biggest companies, provided jobs for over 5 000 people and its future was a politically sensitive issue ahead of the general elections last summer. Photo by Sofia Photo Agency

A Chinese investor has voiced strong interest and preparedness to take over the insolvent and obsolete steel mill "Kremikovtzi" near the Bulgarian capital Sofia and turn it into a sprawling expo city similar to Shanghai.

The news was reported Friday by the Bulgarian daily "Standard."

The mill's labor unions have confirmed the information saying the Chinese have visited the location several times and would take part in the second auction of the bankrupt steel giant, once considered the pride of the communist-era industry in Bulgaria, which will take place on November 5.

The bid for the facilities starts at BGN 450 M. The Asian investor has decided to take part in the auction after meeting Prime Minister, Boyko Borisov. They also hope to make a profit from selling to ailing facilities for scrap.

The Mayor of the Kremikovtzi district has further said he was aware of the Chinese project and talks are pending to finalize details.

When there are no exhibits the new expo halls would be used as a logistic center for Chinese goods.

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Tags: Tsvetan Bankov, sofia, Alexander Tomov, Traicho Traikov, Kremikovtsi, Kremikovtzi, ArcelorMittal, closed-bid auction, direct bidding, Chinese investor, Boyko Borisov, scrap
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» To the forumComments (21)
Nellieherself - 31 Oct 2010 // 03:42:46


It is not my opinion, it is the opinion of the guy who wrote the story for the Wall Street Journal. It looks like the BRIC nations are a bubble that has been inflating for a few years now, and no one knows when it will burst.

George Zheliazkov - 31 Oct 2010 // 03:29:56

Hey Nella,

Good stuff, I respect your opinion and we agree to disagree.

Yeah I know you are not the panduti puppet, I’m just joking, didn’t hear you for a while. It’s the wicked bitch that is working for the novinite. The forum rat stuck in Sofia and working for 200 levas secretly dreaming to see the world. She is trying to imitate your writing style using your terminology, sometimes rather successfully. Watch out BTW she is a lesbian “hitting” on you!

Anyways it’s Bulgaria as you know it and this website and forum is also corrupted.
Good luck with it.

Nellieherself - 31 Oct 2010 // 01:25:04


I hate to be the one to burst your bubble about China, but:

"In 1920, National Geographic called China "the greatest undeveloped market in the world of today." The next year promoters floated a wave of commodity offerings; in Shanghai alone, more than 140 stock exchanges sprang up. By 1922, many of the stocks had gone bust and all but 12 of the new markets had disappeared.

Even toward the end of World War II, there were more than 100 initial public stock offerings annually in China, says Zhiwu Chen, a finance professor at Yale University.

Chinese leaders have long believed they could somehow both unleash and keep a tight rein on capitalism. History, at least until recently, has proved them wrong."

Nellieherself - 31 Oct 2010 // 01:22:34


"Stocks began trading in Shanghai in the 1860s. The first "share mania" struck in 1871, when shipping stocks rose by as much as 70%. In 1882, there was another bubble, this time in mining stocks launched by provincial governments. From 1889 to 1891, Shanghai was gripped by a mania for real-estate development companies. In 1910 came a boom in rubber plantations.

Each time, officially sponsored banks flooded the market with cheap credit—much as their successors have done recently. Each time, investors were swept up with enthusiasm, and the boom ended up in an inevitable bust."

China is a bubble waiting to burst, just like housing and technology were.

Nellieherself - 31 Oct 2010 // 01:12:34


"Asia and the emerging markets are on fire growing rapidly. China for example is adding a trillion dollar growth to its economy annually! "

This is not the first or the last time China is doing this. The more things change, the more they stay the same.

"The leaders of China's Communist Party called for "accelerating the transformation of the nation's economic-development pattern." This drive to manage growth harks back to a declaration on April 22 that "of the many government functions, the most important is to facilitate commerce and help industries."

The odd thing is, the Chinese government made that statement on April 22, 1903."

Nellieherself - 31 Oct 2010 // 00:52:58


How many times do I got to tell you the same thing--I AM NOT PANTUDI!!!!!!!!!!

You are the poster child of the definition of insanity--repeating the same thing over and over expecting a different result.

I am still not Pantudi. Got it?

George Zheliazkov - 30 Oct 2010 // 01:23:00

Nella, Nellieherself, Nellieotamerica/Bulgaria/Africa/etc. Mo, kolega, kolegialen, etc. (pantudi and other mutant puppets)

Nella you don’t sound good and things don’t look good, too many mutations.
I told you need a boyfriend! On your pictures you look like a terribly dissatisfied woman.

As I said I’ll be in your area soon and I can bring you some batteries or even a new virator if you wish.

That’s all I can do for you! Don’t get any other ideas you are way too old for me!

Pantudi - 29 Oct 2010 // 23:47:23

dedo Gosho,

"Then again I can recommend some Chinese guy"

You are not just old, you are hopelessly old-fashioned. If the guy is bangable, why not? What do you think, is it OK to be in bed with a naked woman, unless the room is darker than three feet up a black bear's ass?

George Zheliazkov - 29 Oct 2010 // 23:38:44

Nella (panturi…),

Your problem is a boyfriend! Go get a boyfriend!

Then again I can recommend some Chinese guy, it would be a good match for you!

Pantudi - 29 Oct 2010 // 23:30:32


"We already know..."

Who are you, the three stoodges? Bai Gosho and the second one are here, but DrFaggenbacher is apparently in the slammer again, so take advantage and go bang his ugly slut

George Zheliazkov - 29 Oct 2010 // 23:18:51

Nella, (panturdi…)

We already know that you are a piece of shit lowlife!
No need to reiterate!

Pantudi - 29 Oct 2010 // 23:16:16

bai Gosho,

"You are not even funny anymore!"

This is serious business, I already have some ideas about featuring you in my newest vidio clips, how about "Zhorko licks Chinese arse" or try "Old pizza delivery man sucks small Asian schlong" or perhaps "dedo Gosho gives investors a gummer"

George Zheliazkov - 29 Oct 2010 // 22:57:24

Nella, (pantur...)

You are not even funny anymore!

Pantudi - 29 Oct 2010 // 22:53:33

bai Goshe,

"Go to school or go work something!'

I don't need no school, all they teach you is servitude and obedience, once you graduate your diploma is your proof that you are a cocksocking douchebag, ready to join the work force. Armed with such important skills, you are assured a job and you waste your entire life waiting for your supervisor to die or retire, so that you can take his position (teachers call this sh!t a "career")

Of course one can also be a freelancer just like you, or perhaps you are an enterpreneur (pizza delivery is under which category, dedo?) and brag about living in Toronto to his peasant friends. I know I guy who lives in Svoge but says he's from Sofia, same as Toronto vs. Hamilton, you get the picture.

So stick your f-ing advice where the sun never shines, forget about socking Chinese d!ck and come work for me, join the entertainment industry, that's where the money is, dede Goshe, fock China!

George Zheliazkov - 29 Oct 2010 // 22:50:36

Highlander, whose pompous puppet are you? DrFaust perhaps?

Anyways this could well be government or media misinformation but I’ll go back to the bottom line, which is:

Asia and the emerging markets are on fire growing rapidly. China for example is adding a trillion dollar growth to its economy annually!
The rapid growth brings the endless opportunities for trade and Bulgaria should try to capitalize on them.

Let me clarify from a free market economy and capitalism standpoint.

If Bulgaria (government and businesses) doesn’t utilize the emerging opportunities, its competition (neighbouring and other countries and businesses) will capitalize on that potential and Bulgaria will inevitably (as usually) fall behind.

It’s the self-regulation of the market economy. (if you push away the opportunities they go away and find other markets, supply and demand etc.)

Anyways your main problem in Europe is your conservatism, the old stubborn conservatism that still manages to block your comprehension and acceptance aptitude towards Asia and the Emerging markets.

But hey they are here, there, everywhere, big and bold, already knocking on your doors and buying your businesses and products!

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