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PODGORICA (Montenegro), March 31 (SeeNews) – Turkish steel mill Toscelik, part of the Tosyali Holding, has invested over 6.0 million euro ($8.3 million) in its Montenegrin unit since it acquired the company two years ago, Podgorica-based media reported.
The Montenegrin unit, steel mill Toscelik Niksic, spent the funds on equipment upgrades aimed at increasing the plant’s output and at meeting environmental standards, daily Vijesti quoted Toscelik Niksic’s head of human resources department Ranka Draskovic as saying on Sunday.
The steel mill in Niksic, formerly knows as Zeljezara Niksic, is expected to increase the number of workers to 550 from the current 220.
The Turkish owner pledged invest 35 million euro in Toscelik Niksic in a period of five years starting from 2012, when it acquired the bankrupt Montenegrin company for 15 million euro.
($ = 0.7264 euro)