Turkey's Tosyali Holding Buys Montenegrin Steel Mill in Niksic

Toscelik Profil Ve Sac Endustrisi AS won an auction to buy Zeljezara AD Niksic (ZEHK), paying 15.1 million euros ($20 million) for the unprofitable Montenegrin steel plant.

Toscelik, part of Tosyali Holding, bought the Niksic-based mill after four previous auctions failed, Montenegro’s Economy Minister Vladimir Kavaric said in a statement on the government’s website today. Zeljezara’s court-appointed receivership administration set the asking price at 15 million euros in the latest auction, half of what it asked in January.

The steelworks was put into bankruptcy a year ago when a workers union demanded overdue wages.(Bloomberg)
Last modified onSaturday, 06 May 2017 10:07