February 22 (SeeNews) - Montenegro's steel mill Zeljezara Niksic will resume operations on February 23, following its takeover by state-owned power utility company EPCG, local media reported on Wednesday.
“Tomorrow we are opening the gates of the new factory,” media outlet RTNK quoted Zeljezara Niksic executive director, Djordjije Manojlovic, as saying.
The steel mill has retained 197 of its former employees, Manojlovic added.
EPCG has bought Zeljezara Niksic from Turkey's Toscelik for 20 million euro ($21.3 million) under a deal signed in December 2022.
EPCG said last month that it would transfer the property acquired to Zeljezara Niksic in order to provide additional support for the development of solar and other types of renewable energy solutions. The new company, EPCG-Zelezara Niksic, will consist of several production units and employ a total of 304 workers who will be hired in phases.
Toscelik acquired Zeljezara Niksic in 2012 for 15.1 million euro after placing the best bid in a tender launched by the Montenegrin government. Toscelik suspended production at Zeljezara Niksic in March 2021, due to a drop in orders caused by the coronavirus pandemic. In September 2022, Toscelik dismissed all 229 workers from the steel mill.
$ = 0.9405 euro