Investors submit plans to Polish Treasury

The 800-page document is ready to be sent to the EC with investors just in time before final deadline on Friday. The EC will then decide whether the shipyards have to return state aid received in violation of EU regulations. The Treasury has asked Brussels to review the plan as soon as possible and a decision is expected in October.

Also on Friday, ISD Polska, Ukrainian-based steel company, pledged to invest zł.1,56 billion in both Gdynia and Gdańsk shipyards. Konstanty Litwinow, ISD's chairman of the board, said that he is sure European Commission will not reject the plans for shipyards restructuring.

"In the documents provided to the EC, we described a clear business goal that will assure a lasting cost-effectiveness of the shipyards," Litwinow told the press. ISD already owns the Gdańsk shipyard and the 10-year restructuring and privatization program projects taking over of Gdynia shipyard and their merger.

ISD predicts that joined shipyards will be able to bring a net profit of zł.800 million after 10 years. According to the company's plans, both of the shipyards will remain active - parts of the ships will be manufactured in Gdańsk, while body of ships will be mounted in Gdynia. Finishing and equipping of ships will be done in both shipyards. Litwinow admits that part of the staff will have to be retrained or let go.

Mostostal Chojnice has prepared plans for the Szczecin shipyards. and submitted to the Treasury Ministry, which will forward them to the EC.