Lakshmi Mittal eyes brother's steel mill in Bulgaria

17 March 2008

Mumbai: Lakshmi Mittal, chief executive of steel giant ArcelorMittal, has proposed to acquire ailing Bulgarian steelmaker Kremikovtzi, which is majority owned by his brother Pramod Mittal.

Lakshmi Mittal has sent a letter to the Bulgarian prime minister expressing interest in the Kremikovtzi mill, Petar Dimitrov, economy and energy minister, said.

Mittal has also offered to carry out all necessary environmental upgrades, reports quoted Dimitrov as saying.

Ukrainian billionaire Kostyantin Zhevago and another Ukrainian Rinat Akhmetov, along with US Steel Corp, have also evinced interest in acquiring Kremikovtzi.

Zhevago holds 73 per cent stake in Ukrainian iron ore producer, Ferrexpo, which has the world's forth-biggest ore resource.

Akhmetov owns metallurgic firm Metinvest.