The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.1 - Manufacture of basic iron and steel and of ferro-alloys
190 - 200 jobs Number of planned job losses
Announcement Date
18 November 2015
Employment effect (start)
23 November 2015
Foreseen end date
1 November 2016
Description
The Plant Adria Celik (Adria Steel) was established in 1971 and in July 2013 it became 100% owned by the company Techcom GmbH which paid HRK 10.3 (€1.36m) for it and pledged to invest €8.5m.The enterprise consists of electro-steel-melting and rolling shops with an annual production rate of 200 thousand tonnes of bar-rolled stock of high-quality. During 2012 - 2013 large-scale modernisation, repair and replacement of metallurgical equipment was carried out.
Production was stopped however in summer 2014 and the company's bank account has been blocked for more than a year and half. Debt grew to HRK million 11.4 (€1.5m). Workers have not received their salaries for eight months and in the Commercial court of the City of Split on November 17 2015 the company was declared bankrupt. 190 will be laid-off.
Sources
18 November 2015: www.poslovni.hr
Citation
Eurofound (2015), Adria Celik (Adria Steel), Bankruptcy in Croatia, factsheet number 85437, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85437.
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