Beltrame Group has completed the acquisition of Targoviste Special Steel Plant

Beltrame Group, one of the largest producers of steel bars and special steels in Europe, has completed the acquisition of the functional production assets of the Targoviste Special Steel Plant, by concluding the transfer of ownership documents and full payment of the price in the amount of 38.3 million Euro + VAT.

AFV Beltrame Group, which also owns the Donalam rolling mill in Calarasi, Romania, aims to transform the COS Targoviste plant into a European competitive special steel production unit. Thus, over the next 4 years about 100 million Euro will be invested in modernising the machinery, the steelshop and rolling mills, and approximately 40-50 million Euro in providing working capital.   

„The acquisition of COS Targoviste is an important step in the Beltrame Group’s expansion strategy in Romania and confirms our long-term commitment to the development of the local steel sector.  COS Targoviste has a strong history in the steel industry, so we are honoured to have the opportunity to revitalise this steel giant. We expect to start production in the existing steelworks and the two rolling mills in early June, in order to supply the internal market with rebar and wire rod and stop the market’s dependence on imports, especially in the context of the conflict in Ukraine”, says Carlo Beltrame, Group Business Development at AFV Beltrame.

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.