Montenegro’s power utility EPCG recently terminated its lease agreement for the Željezara steel plant with 8B Capital, owned by Igor Šamiz, citing unfulfilled contractual obligations toward the plant and its workers.
Ivan Vujović, president of the Željezara union, emphasized that employees never depended on Šamiz or his company for their salaries, which were consistently paid through regular production at the plant. Šamiz failed to meet obligations, including monthly employment of a set number of workers and lease payments to EPCG, reportedly leaving a debt of around €800,000.
The union stressed that the termination of the contract did not affect plant operations or workers’ income. Željezara continues to operate independently under EPCG, covering salaries and repaying debts left by previous management. Union officials also highlighted that the plant’s production infrastructure remains strong and capable of further development, including expansion into smaller-scale production units.
Vujović noted that Željezara has successfully reduced prices for its products while increasing output and revenue. The union also opposed any retroactive responsibility for debts incurred by previous management, stating that employees should not bear the cost of past financial mismanagement.
Overall, the union sees EPCG’s management of Željezara as an opportunity to fully utilize the plant’s industrial potential and strengthen Montenegro’s steel production sector.
