Beltrame makes serious investments at COS Targoviste

COS (Combinatul de Oteluri Speciale) Targoviste is a company with a rich history in the steel industry. In 1969, the Decision to build the Targoviste Steel Plant was signed. And in 1970, work began on the „Intreprenea de Oteluri Alate”.

The first capacity was put into operation in December 1973. After that followed the installation and expansion of capacities until 1980.

The record production of the plant was recorded in 1989, with 813,552 tons of steel. After the Revolution, the decline of the company began, reaching from 10,494 employees in 1990 to 5,711 employees at the beginning of 2000.

COS Targoviste finished 2020 with losses of over 62 million lei. Compared to the net profit of 140.4 million lei from 2019. And a turnover of only 44.6 million lei, down by over 92% compared to the previous year (590.8 million lei) according to profit.ro. In the middle of last year, after 50 years of activity, the Targoviste Special Steel Combine entered bankruptcy.

A ray of hope for COS Targoviste in the steel industry

„The acquisition of COS Tagoviste is an important step for the expansion strategy of the Beltrame group’s activity in Romania. And it confirms our long-term commitment to the development of the steel sector at the local level.

COS Targoviste has a rich history in the steel industry. So we are honored by the opportunity to revitalize this colossus in the field. We expect to start production in the existing steel plant and in the two rolling mills at the beginning of June. To supply the domestic market with iron-concrete and rolled wire and put an end to the dependence of the import market, especially in the context of the conflict in Ukraine„. Carlo Beltrame declares, Group Business Development within AFV Beltrame.

One of the largest producers of steel bars and special steels in Europe, AFV Beltrame Group was founded in 1896. It currently owns 6 factories in Italy, France, Switzerland and Romania.

The purpose of the Targoviste investments is to transform the old combine into one of the most modern factories for the production of special steels. With carbon emissions at one of the lowest levels in Europe, it is shown in a Government statement.

Special steel

„COS Targoviste has been put back into operation, as a result of the investment decision by those from Beltrame. And I think this is a very important thing, because this special steel is used in many other industrial sectors. One of the sectors we are talking about is the defense industry. Florin Spataru, Minister of Economy.

The Prime Minister of Romania, Nicolae-Ionel Ciuca, emphasized the support that the Romanian Government gives to the development of investments in industry. For the modernization of the national economy, access to new technologies, the creation of new jobs for Romanians. And some products with high added value for the local and European market, reports news.ro.

The re-opening of the production unit will generate, in the near future, approximately 450-500 new jobs, subsequently reaching approximately 1,000 jobs.

Currently, within COS Targoviste, approximately 70 employees still work, mainly for the maintenance of utility networks and the preservation of equipment.