South Korean steelmaker POSCO announced that it is looking favourably at possible cooperation talks with Montenegro's state-owned energy company Elektroprivreda Crne Gore (EPCG).
During the World Economic Forum held in Davos, Prime Minister Milojko Spaic of Montenegro met with POSCO Vice Chairman Jiwang Li. The meeting discussed potential investments in the Niksic steel plant and collaboration opportunities with EPCG.
In December 2023, EPCG opened a public tender to lease the facilities of Zeljezara Niksic, aiming to sustain steel production at the troubled plant. The deadline for applications is January 25.
EPCG acquired Zeljezara Niksic from Toscelik in December 2022 for €20 million ($22 million). The facility in Niksic has an annual steel capacity of approximately 300 kt and includes two 60-ton electric arc furnaces.
In September of the previous year, POSCO announced its consideration of establishing a steel plant to meet the increasing demand for automotive steel in India. The South Korean steel producer had last planned to set up a facility in the country 18 years ago, but the project was rejected due to strong competition.
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