May 20, 2008, 12:22 GMT
Sofia - ArcelorMittal, the world's largest steelmaker, has made a 30-million-euro (47-million-dollar) emergency loan to a troubled Bulgarian steel mill it is seeking to buy, the plant said Tuesday.
Pramod Mittal, the younger brother of ArcelorMittal chief executive Lakshmi Mittal, holds a 71-per-cent stake in the Kremikovtzi plant. Bulgaria still has 25 per cent of the shares.
Pramod Mittal was forced to offer his controlling stake for sale after failing to secure funds for the mill's operation and environmental protection.
The loan will cover overdue salaries, debt and raw material purchases for steel production, the Kremikovtzi statement said.
The mill, plagued by financial problems and labour protests, is also targeted by Ukrainian billionaire Konstantin Zhevago's Vorskla Steel. The mill management said Tuesday it was still weighing the offers.
Meanwhile, labour unions threatened new protests to back demands for clarity about the plant's future.
Your Talkback on this Story