COST inks 59m-euro contract

Combinatul de Oteluri Speciale (Special Steel Plant) Targoviste will supply its main steel producing shareholder with products worth more than 59 million euros, based on a contract closed at the end of November. The steel products will be delivered to Mechel Metal Supply, a company registered in Liechtenstein, which is part of the Mechel Group, COST’s majority shareholder. The contract will be valid until the end of next year. COST officials could not be reached for comment. A release sent to the Bucharest Stock Exchange where COST is listed says,”The contract was closed with the best interest of COST relative to the similar offers on the market in mind.” The companies listed on the capital market are bound to go public with contracts closed with their majority shareholders and be mindful of the interests of all the shareholders when they sign such contracts. ZF