AFV Beltrame Group has completed the acquisition of the functional production assets of the Targoviste Special Steel Plant in Romania.
Italian group aims to transform the COS Targoviste plant into a European competitive special steel production unit.
Thus, over the next 4 years about €100 million will be invested in modernising the machinery, i.e. the steelshop and rolling mills, and approximately €40-50 million in providing working capital.
At first, at COS Targoviste, we will produce rebar, and as the modernisation work and workforce training progresses, it will return to the production of special steels for which it was originally built.
The reopening of the production plant will create about 450-500 new jobs in the near future, with the aim of increasing capacity to about 1,000 new jobs in the coming years.
At present, about 70 employees are working at COS Targoviste, mainly to keep utilities up and running and maintain equipment.
AFV Beltrame Group is present on the Romanian steel market since 2007 and owns the Donalam rolling mill in Calarasi, specialized in the production of hot-rolled special steel bars.
Donalam ended 2021 with a turnover of EUR 118 million, up 90% compared to 2020 and a sales volume of around 159,000 tons of steel bars.
