Sofia: Indian steel tycoon Lakshmi Mital is looking to buy Kremikovtzi, the troubled Bulgarian steel maker belonging to his youngest brother and competitor Pramod Mittal, the Bulgarian Economy and Energy Ministry said today.

A delegation from ArcelorMittal headed by board member Michel Wurth met with Economy and Energy Minister Petar Dimitrov today.

The Kremikotzi steel mill is Bulgaria's largest and is situated outside Sofia. It accounts for nearly 10 per cent of Bulgarian exports but is currently facing deep financial problems. Workers demonstrated earlier this week to protest delays in their wage payments.

Ukrainian billionaires Konstantin Jivago and Rinat Akhmetov, Russian group Novolipetsk and its chief Vladimir Lisin, as well as US group US Steel have all expressed an interest in Kreikovtzi.

Investment bank Merrill Lynch, which is in charge of selling the company, told the Bulgarian government which holds a minority stake in the steel plant two weeks ago that seven candidates were in the running and that negotiations would begin presently.

Pramod Mittal's Global Steel acquired a 71-per cent stake in Kremikovtzi in August 2005 when it bought the plant's former Bulgarian owner Finmetals Holding.

Sofia holds a stake of 25 per cent in Kremikovtzi and the remaining 4 per cent is held by private investors.

Source : PTI