In Brief: Huta Sendzimira; PKP Cargo; Gdansk Refinery; Huta Ostrowiec

This week the Huta Sendzimira steel mill has a chance to receive a zl. 60 million loan thanks to the help of Towarzystwo Finansowe Silesia. The credit will give the company credibility in the eyes of its creditors. As the steel mill has a large number of orders, the money will also act as short term loans to bank roll production. (Puls Biznesu, p. 4) ...The President of Polish State Railways, Maciej Meclewski, has announced that its Cargo division will be privatized in 2004. However, until that time the company will be protected from its competitors by limiting the number of concession issued to other enterprises. The new management board is also likely to change the PKP bonds issue strategy. (Puls Bzinesu, pp. 1, 4) ... According to sources close to the transaction, the price for a 75% stake in the Gdansk Refinery may amount to around $300 million. The buyer will also have to invest $600-700 million in the company. (Prawo I Gospodarka, p. 1) ... A local court in Kielce has announced the bankruptcy of the Huta Ostrowiec (HO) steel mill, which has debts totalling over zl. 700 million. Spanish Celsa and Ispat of India are interested in investing in HO, while two companies from Austria and Sweden may seek to lease the plant. HO recorded net loss of zl. 23 million last year. (Puls Biznesu, p. 8) A.Z.