Turkey-based Aslanlı Metalürji, a part of Turkish Epaş Group, will reportedly resume production at the plant of Latvia-based steelmaker KVV Liepajas Metalurgs, according to media reports.
This year, Aslanlı Metalürji acquired Liepajas Metalurgs, which had been bankrupt twice, committing to invest in the company €200 million in the next five years and hire up to 500 workers at the first stage, SteelOrbis understands. However, local sources stated that the plant’s competitiveness is uncertain as the investor’s plans are not clear yet.
In 2018, UK-based British Steel intended to acquire the company, planning to invest around €60-75 million in the modernization of the equipment at the plant, as SteelOrbis previously reported.
Aslanlı Metalürji produces wire grades including cold drawn wires and hot dip galvanized wires. Liepajas Metalurgs’s product portfolio includes rebar and rolled steel.