Warsaw (Puls Biznesu) – The management of the steel plant has asked the Ministry of the Treasure (MSP) to be allowed to find an investor. Impexmetal listed metals producer and distributor may be interested.
The management of Huta Bedzin (HB) steel plant, the producer of copper pipes, is trying to get an investor. Last week, the management sent documents explaining the need to the MSP.
“We have received an application to launch privatization proceedings via finding an investor”, Marcin Mazurek, the spokesman of the MSP said.
Today, the state owns 100 percent of HB. The capital of the company amounts to PLN 33.1 (EUR 8.8). Analysts believe that financial or sector investors may be interested in acquiring the steel plant, including Impexmetal. The listed group owned by Roman Karkosik businessman, has said recently it would conduct further acquisitions.
“The company has not made decision yet. The management analyses it. We cannot reveal any details for the time being”, Ewa Baldyga, Impexmetal’s spokeswoman said.
Zdzislaw Sroka, who has been HB’s CEO for six months now refused to explain why his company needs privatization. According to unofficial sources, the steel plant, which exports about 20 percent of its production (mainly to Russia), had a small net loss against PLN 80m of sales last year. The company has problems with cash, and sometimes it fails to pay to its deliverers. It needs to invest in new equipment. The company is currently restructuring its employment, which today amounts to 280 people.
“Copper prices in January 2004 amounted to USD 2,422 a ton and in January 2005 – USD 3,200 a ton. Such an increase must influence producers”, Emil Gluszczyk from the Economic Chamber of Metals said.
(PLN 1 = EUR 0.265)
