Pro Auto invests 40m euros in steel mill

Bucharest-based Pro Auto will invest 35-40 million euros in the following two years to retool a steel plant in Giurgiu, which will produce special steels and superalloys, particularly for foreign markets, stated Laurentiu Tigau, president of the company. The company targets foreign customers such as technological equipment producers SMS – MIR, Schultzer and probably the carmaker Renault. According to company representatives, Pro Auto Industries acquired the Metera steel mill in Giurgiu for 2 million dollars in January, following a tender organised by the State Assets Resolution Authority. “In approximately two – two and a half years, the steel plant will operate at full capacity. Within three years of the opening of all sections, we estimate that the value of the production will reach some 200 million euros,” Tigau added. He also specified that the funds needed for this project to be completed would come mainly from credits contracted in Romania. ZF