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Slovenia's SIJ to liquidate electrode welding subsidiary

Author Radomir Ralev
Slovenia's SIJ to liquidate electrode welding subsidiary Author: Sij. Licence: All rights reserved.

LJUBLJANA (Slovenia), March 25 (SeeNews) - Slovenian steel group Slovenska Industrija Jekla (SIJ) plans to liquidate its wire and electrode welding subsidiary Elektrode Jesenice in order to focus on its core steel production and processing business, it said.

Elektrode Jesenice will settle its receivables in accordance with their maturity, as all stakeholders are expected to be repaid by the end of the year, SIJ said in a filing with the Ljubljana Stock Exchange on Thursday.

The company will provide job opportunities to the employees of Elektrode Jesenice, SIJ said.

SIJ reported a consolidated net profit of 29.2 million euro ($32.3 million) in 2021, up from 3.9 million euro in 2020.

The SIJ Group is the largest vertically integrated metallurgical group in Slovenia, occupying with its products leading positions on European and global niche steel markets.

($ = 0.9041 euro)

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