India's Global Steel Holdings Ltd (GSHL), controlled by the Mittal family, has earmarked USD 300 mln for investment in Sofia-based metallurgical plant Kremikovtzi over the next 4 years, said Alok Gupta, executive director of the Bulgarian company. The cost of aligning the metallurgical plant to EU standards is seen at USD 60-70 mln. As much will be spend on environmental projects. Productivity and capacity utilisation will be improved on another USD 180 mln. Despite some ongoing renovations, this year's steel output is expected to exceed the 1.25 mln tons produced in 2004, said Gupta. Production is seen further rising by 30-40% in 2006 to 1.6 mln tons. The new majority owner intends to have Kremikovtzi operating at its full annual capacity of 2 mln tons within 2 years. GSHL did not reveal how it intends to finance the large-scale investment program. In August, the Indian steel giant finalised the acquisition of Kremikovtzi's majority owner Finmetals Holding. The price of the deal was not revealed. GSHL said it had no plans to delist Kremikovtzi. No talks have been held to buy out the interest in the plant still held by the Bulgarian state, said Gupta.