$45m CSR debt written off

The Privatisation Authority (APAPS) is preparing an emergency ordinance to have the $45 million debt of Combinatul Siderurgic Resita (Resita Steel and Iron Plant – CSR) struck off, Privatisation Minister Ovidiu Musetescu said. He added CSR had gone through this process before, when it was sold to US-based Noble Ventures. “We did the same for Noble Ventures for more than $100 million. This is the price of privatisation, and were we to leave the company like that, it would go out of business. Such companies have no other option but the liquidation,” Musetescu said. At the moment, APAPS has concluded talks with Sinara Handel GmBH, the commercial representative of Russian TMK Group, world’s number two piping maker and the only bidder for CSR. “We hope to sign a final privatisation contract for Combinatul Siderurgic Resita this month,” Musetescu added. ZF