Financial crisis shatter Bulgaria's 2008 steel output

Kremikovtzi, financial crisis shatter Bulgaria's 2008 steel output.
Bulgaria's total steel output fell by 40% in 2008, according to preliminary data. Bulgaria's steel production was 1,329 million tons in 2008, which is a 40% decrease compared to the almost 2 million tons of steel produced in 2007. This is indicated by preliminary data of the Bulgarian Association for Metallurgy Industry as quoted by the Pari Daily. The significant decrease in Bulgaria's total 2008 steel output comes from the crisis of the country's largest steel mill Kremikovtzi as well as from the effects of the global financial crisis, which were felt in the last quarter of 2008. According to Politimi Paunova, Executive Director of the Association for Metallurgy Industry, with the exception of the bad results from the last quarter of 2008, and of the crisis in the Kremikovtzi factory, the other Bulgarian steel-makers achieved decent results in 2008. These include Stomana Industry (Pernik), Promet (Burgas), Helios Metalurg (Plovdiv), and Precis Inter Holding Jsc (Ruse). Bulgaria's production of long rolled sections actually doubled in 2008 despite the crisis - it grew from 400 000 tons in 2007 to 905 000 tons in 2008, largely thanks to Stomana Industry and Helios Metalurg. Bulgaria's steel exports declined by some 50% in 2008 but this was partially compensated by increased domestic consumption. The expected decline in the total steel production revenue is about 30% largely because of the dropping steel prices globally. Bulgaria's steel industry had a production for BGN 6,5 B in 2007; of these, BGN 5,9 B came from exports.