Italy's Beltrame to invest 200 mln euro in Romania's COS Targoviste, construct PV park

• Italian steel bars and also unique steels manufacturer AFV Beltrame Group stated on Thursday that it intends to spend 200 million euro ($210 million) to upgrade the recently-acquired Targoviste special steel plant, COS Targoviste, in Romania and also to develop a photovoltaic or pv park with an installed capacity of 100-120 MW.

Over the next five years, around 100 million euro will be bought modernising the equipment and also 80% of the budget will be assigned to the purchase of technologies to minimize carbon discharges, increase power efficiency and relocate in the direction of a round economic situation by recycling sources as well as minimising waste, the business claimed.

By the fifth year of the investment, around 1,000 jobs will certainly be created.

"The restart of residential production of rebar, a vital market of the steel market, is an important action in the direction of Romania's re-industrialisation as well as will give the nation with a breath of oxygen in the situation of building and construction products brought on by the pandemic and also the dispute in Ukraine," AFV Beltrame Group company growth Carlo Beltrame said.

In order to relaunch the activity at the plant, Beltrame Group has thus far employed about 300 workers, and also by the end of July it intends to have 450 employees. In the first stage of the project, regarding 10,000 tonnes of rebar monthly will leave the Targoviste mill, and in 2023 the production capacity will raise to regarding 30,000 tonnes each month, implying greater than 300,000 tonnes each year.

Thus, the plant will provide Romania with concerning fifty percent of its domestic requirements of rebar for building and construction, which is around 600,000 - 700,000 tonnes per year. Currently, Romania imports every one of this product from countries such as Bulgaria as well as Turkey.

Beltrame Group also stated it plans to spend 100 million euro to develop a photovoltaic park with a mounted capacity of 100-120 MW and a power storage system, which will provide the production systems.

In addition to the commissioning of the former steel mill, Beltrame is in the lasts of authorizing a green rebar as well as cord rod plant, which will certainly likewise be built on the Targoviste site. With the conclusion of this green plant, anticipated in 2024, the overall manufacturing capacity of Donalam Targoviste will certainly be around 700,000 - 800,000 tonnes of rebar as well as wire pole each year. In the construction market, overall residential usage of rebar and also wire is around 1.5 million tonnes annually. The company first introduced the project for the new green plant in July 2021, astimating an investment of 300 million euro in the project.

For 2022, the Beltrame Group estimates a turn over of around 140 million euro in Romania, a comparable level to 2021.

Beltrame Group completed the purchase of COS Targoviste in March.

The group is present in Romania via Donalam, which was established in 2007, adhering to the purchase of the Siderca hot rolling mill in Calarasi.

Beltrame was founded in 1896 and also manufactures steel products for usage in building, shipbuilding and also excavation, with commercial tasks in over 40 countries. It operates 6 plants in Italy, France, Switzerland and also Romania, which use a total 2,000 as well as manufacture 2 million tonnes of steel produced annually.