In 2014 the Latvian metallurgical plant Liepajas Metalurgs was declared bankrupt. However, he only engaged in the production of steel in the Baltic countries. In that period he did not repay the loan, guaranteed by the state. Funds taken in an Italian Bank. At the end of the same year the company was acquired by a Ukrainian company. We are talking about company KVV Group. However, it failed to revive the plant. It started operating in March 2015 and worked for 1.5 years. Then he became bankrupt in September 2016.
Last year the Latvian government tried to sell the company. Nothing came out, nobody wanted to buy it. Then it was decided to implement parts of it. But here, there were problems. In March had to go through the auction. Then sold to the EAF steel smelting shop. But there were no bids. This year also conducted the auction. Then the Austrian company Smart Stahl GmbH became the owner of a rolling mill. Treated her 1.9 million euros. However, the situation began to change dramatically.
A consortium led by a British production company requested to mention the auction. British Steel has proposed to the Latvian government to acquire all the parts of the complex. The members of the consortium expressed a desire to purchase the plant in February. They offered to invest 60 to 75 million euros. The funds would be used to replace outdated rolling mill. In the consortium is British investment company Greybull Capital. It also includes the Estonian company Baltic Metal Holding. Now the consortium is ready to sign the Protocol. This Protocol of intent with the current owners of Liepajas Metalurgs.