The transaction by which Beltrame, one of the largest producers of steel bars and special steels in Europe, takes over the core assets of the Special Steel Plant (COS) Targoviste for EUR 38.3 mln plus VAT, was authorized by the Competition Council, the head of the group's Romanian operations, Carlo Beltrame told Profit.ro.

The completion of the deal still pends the final settlement of the bankruptcy of the plant and the appeal filed by steel group Liberty Galati, which also placed a bid for the plant.

The last legal steps until the closing of the deal are the final settlement of the bankruptcy file of the plant, with a February 23 hearing, and the appeal of Liberty Galati to the decision of COS Targoviste creditors to approve the agreement with Beltrame, he disclosed.

(Photo courtesy of the company)

andrei@romania-insider.com