Polish investor buys distressed assets in Romania’s steel industry
A subsidiary established in July last year in Romania by a Polish financial company with strong ties to China started, last autumn, the process of acquiring the core assets of several Romanian metallurgical companies currently under…
Romania Insider · Journalist
· Updated · 1 min read
A subsidiary established in July last year in Romania by a Polish financial company with strong ties to China started, last autumn, the process of acquiring the core assets of several Romanian metallurgical companies currently under insolvency or bankruptcy.
The targets are the steel plants previously owned by the Russian group Mechel: a wire producer in Campia Turzii (ISCT), a special steel producer in Targoviste (COS Targoviste), and two steel rollers (Laminorul Braila and Ductil Steel Buzau), Profit.ro reported.
The acquisition of these assets is carried out through the local company Laminorul Danube Metallurgical Enterprise, 90% controlled by Sunningwell International Polska. West Trade, a Polish trader of metallurgical products, holds the remaining shares in the Romanian company.
The manager of Laminorul Danube is the head of West Trade, Slawomir Papiernik, who is also a member of the Board of Directors of Sunningwell International. The founder, president and CEO of Sunningwell International Polska is Marek Frydrych, a former official of the Polish consulate in Shanghai who later started doing business in China.
Sunningwell International Polska is also involved in the takeover of the Polish metallurgical company Huta Czestochowa, which went bankrupt last year and is still controlled by the Ukrainian concern Industrlany Soyuz Donbassa, founded by some of the richest Ukrainian tycoons - Vitali Hayduk, Serhiy Taruta, and Oleh Mkrtchian.
(Photo source: Pixabay.com)
