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"We have a business plan that includes various calculations. We are planning to recycle 32,500 tons of scrap metal a month already during the first stage of the production process, which will allow us to produce 30,000 tons of rebars. During the second stage, the production volume will reach 50,000 tons a month, the third – 80,000 tons," Krishtal explained.

He believes that in two years, Liepajas metalurgs will be able to produce 100,000-120,000 tons a month or more than one million tons of produce a year.

"We bought this plant to earn money, and this production facility will bring us profit! I am absolutely sure that we will profit already in the first twelve months. There is a chance that we may not earn anything for the first three months, nevertheless, we will profit in any case," Krishtal said.

As reported, the Ukrainian company KVV Group won the Liepajas metalurgs tender and the right to acquire the metallurgical plant for EUR 107 million. The company's insolvency administrator Haralds Velmers and Krishtal signed the Liepajas metalurgs sales agreement on October 2.