October 18 (SeeNews) - North Macedonia's steel mill Makstil [MSE:STIL] said on Wednesday it will invest 9 million euro ($9.5 million) in the procurement and installation of a new circular side saw for cutting sheet metal.
The new machine is expected to optimise the production process and increase energy efficiency, Makstil said in a press release.
Makstil will buy the machine from Germany's SMS Group for 6.3 million euro, the statement read.
The new machine is planned to be operational in the second quarter of 2025.
The company's shares last traded at an average price of 129 denars ($2.2/2.1 euro) on the Macedonian stock exchange on October 17.
Makstil produces hot rolled heavy plates. Its main shareholder is Liechtenstein-based Duferco Group, which operates in steel production and distribution, energy trading, shipping and logistics, and engineering.
($ = 0.947528 euro)