Huta Batory gives up the fight and seeks receivership

The authorities of debt ridden Huta Batory (HB) steel mill have turned to court in Katowice to declare receivership of the company, thus putting in questions the Treasury Ministry's scheme for consolidating the pipe producing sector. Paradoxically HB whose debt have accumulated to zł. 270 million, was one of the firms in line to receive zł. 60 million of state aid and its authorities prepared a restructuring program for the next three years which was even approved by the EU. Moreover, the company was planning zł. 50 million investments, but after the recent developments all the plans will come to nothing. According to HB's directors, bankruptcy will not entail an immediate stoppage in production of which up to 70% are sold in EU markets. HB's market share in seamless pipe production stands at 6%. (Puls Biznesu, p. 5) J.K.