Poland’s Sunningwell International eyes Romanian steel assets: report

A firm controlled by Polish industrial investor Sunningwell International Polska plans to acquire the assets of several Romanian steel companies currently in bankruptcy proceedings, according to Romanian press reports.

Recently-established Laminorul Danube Metallurgical Enterprise is 90% owned by the Polish firm. It plans to acquire Industria Sârmei Câmpia Turzii (ISCT), Combinatul de Oțeluri Speciale (COS) Târgoviște, Laminorul Brăila, and Ductil Steel Buzău. These firms were all in the past owned by Russian steelmaker Mechel.

ISCT is a cold drawn and bright wire producer, COS Târgoviște produces rebar, Laminorul Brăila makes sections and bulb flats, and Ductil Steel also produces wire and welded mesh. These firms all carried out public auctions throughout 2019 to sell assets.

Sunningwell International Polska declined to comment when contacted by Kallanish.

According to business publication Profit.ro, Laminorul Danube had a €38.3 million ($42.1m) bid for COS Târgoviște accepted by creditors in October, and Sunningwell said it plans to continue production rather than sell off assets.

Last September Sunningwell agreed to lease insolvent Huta Czestochowa for 12 months and restarted production at the Polish heavy plate producer in October (see Kallanish passim).