EPCG Željezara, owned by the state power company Elektroprivreda Crne Gore (EPCG), reported a loss of €2.11 million last year, bringing the total company loss to €5.65 million. In 2023, the loss was €3.5 million.
The company employed 284 workers in 2024, an increase of 32 compared to the previous year. Revenues rose nearly threefold to €3.3 million, while operating costs decreased to €688,000. However, wage costs increased by almost €1.2 million, totaling €4.71 million. Salaries are paid by the parent company, EPCG.
At the end of 2022, EPCG purchased Željezara’s assets for €20 million, with €15 million funded by the government. The steelworks and forging facilities were leased late last year to Swiss company 8B Capital, owned by Igor Šamiz.
According to the lease agreement, 8B Capital was to take over 150 employees from Željezara but has not done so. After only paying rent twice (October and November), EPCG terminated the lease contract in early May 2025 due to unpaid rent and unfulfilled obligations.
EPCG’s executive Miro Vračar stated that 8B Capital owed €162,000 in unpaid rent and failed to meet contractual obligations, including employee takeover, justifying the contract termination.
The termination means losing the chance to activate and utilize Željezara’s assets for steel production. EPCG plans to seek a new investor to restart steel production and processing, as EPCG itself cannot manage this business.
After the contract termination, Šamiz paid €40,000. EPCG will wait until the end of May for full payment before discussing future steps.
