Turkey's Toscelik officially becomes owner of Niksic-based Zeljezara steel mill

The company Toscelik from Turkey has formally and legally been declared the buyer of Niksic-based Zeljezara steel mill, the media in Podgorica cited Bankruptcy Manager Veselin Perisic as saying.

- Toscelik offered the highest purchase price of EUR 15.1 million for the property of Zeljezara at the public auction on April 30th, thus acquiring the status of the most favorable bidder. That, along with the fact that all other requirements were met, was crucial to the declaration of that company as the buyer - said Perisic.

The Turkish company will soon sign a sales agreement, which will more thoroughly define all mutual rights and obligations in accordance with the terms outlined in the ad.

Toscelik is a member of the Tosyali group from Istanbul and is engaged in the production of square and rectangular profiles, as well as industrial, seamed and zinc-coated tubing.

The production at that factory commenced in 1998, and it currently employs between one and three thousand people. Toscelik's main markets are western and eastern Europe, the Middle East and Africa, whereas its annual sales exceed USD 100 million.