Forge Nikšić obtained loan to start production

Montenegro Specialty Steels, which runs Forge in Nikšić, has taken the loan of 25m EUR from an European investment bank for commencement of production.

According to Mina-biznis agency, the guarantees for this five-year loan will be provided by Montenegrin Government.

The loan for new electrolux furnace, of which installation is underway, was granted by Turkish Investment Bank.

The plan for restructuring Nikšić's Forge was approved by the Government in early February.

Forge has not been producing steel over the last few months, while its workers are on paid vacation.

"The representatives of the bank that granted the loan will visit Forge within the next two weeks in order to gain closer insight into the factory's operations", it is written in the statement by Forge's administration. It is specified in this statement that the loan was provided after "more than six months of negotiations with significant number of finance institutions".