Swiss company 8B Capital, which has secured a 50-year lease on the EPCG Željezara Nikšić production facilities, has introduced the management team of Elektroprivreda Crne Gore (EPCG) to its partner firms. These partners will collaborate to restart production at the Nikšić steelworks.
The meeting featured representatives from Germany’s Kohler, Switzerland’s Hausler, and China’s Geily Machinery and Dayi Heavy Forging Technology Co., as reported by EPCG.
Igor Šamis from 8B Capital emphasized that the existing equipment at the steelworks is capable of producing over 300,000 tons of steel annually.
“It is essential to utilize the steelworks’ production capacity effectively, in line with market needs. We aim to produce around 100,000 tons of raw steel, which will allow for the creation of about 5,000 tons of various alloy steel profiles in the forge. The remaining capacity up to 300,000 tons should be directed towards manufacturing high-quality reinforcing steel,” Šamis stated.
He suggested that the forge could also produce hot-rolled strips and other products as demanded by the market, which could be a potential development path for the steelworks.
Šamis acknowledged the significant work ahead and expressed his goal of transforming the steelworks into a major player in multiple markets, thereby revitalizing Montenegro’s metallurgical sector.
“This is a pivotal period for me, with substantial responsibility,” Šamis said.
Following the meeting, EPCG reported that 8B Capital’s representatives sought to visit the steelworks but were prevented from doing so by the union and workers.
Milutin Đukanović, Chairman of EPCG’s Board of Directors, welcomed the 8B Capital representatives and their partners, affirming that Elektroprivreda Crne Gore remains committed to supporting the project with backing from the Assembly and Government of Montenegro.
“We expect Nikšić, a city renowned for producing specialized steel, to continue this tradition. We anticipate that you will bring new technologies and business practices. The entire process will be under public scrutiny, given the steelworks’ significance to Montenegro. We must address environmental concerns and uphold workers’ rights while ensuring they contribute their expertise,” Đukanović said.
He also announced upcoming contract amendments covering asset inventory, rights agreements, electricity pricing, and a business-technical cooperation agreement between EPCG-Željezara Nikšić and 8B Capital.
