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Kovalenko said that the company has signed contracts with Latvenergo and Latvijas Gaze, as well as agreements with several raw material suppliers. He added that the company will keep focusing on its former product line, declining to reveal whether any new products are to be introduced in the future.

When asked where KVV Liepajas metalurgs plans to procure its scrap metal, Kovalenko replied: "in the Baltics."

The Baltic scrap market is able to provide 1.2 million tons, which is enough to provide the plant with the necessary resources. He also added that Latvia's largest scrap metal processing company Tolmets could potentially become a strategic partner to KVV Liepajas metalurgs.

Kovalenko said that such small-scale steel factories require about 500-800 employees on average. The 1,300-1,400 he mentioned earlier, is the maximum probable number of employees.

As reported, the Ukrainian company KVV Group won the Liepajas metalurgs tender and the right to acquire the metallurgical plant for EUR 107 million.

KVV Group said it intended to invest a further EUR 30 million into Liepajas metalurgs and resume production this year.