Russia-austria Company Buys Croatia's Largest Steel Plant

The Russian-Austrian company Turbo Impex has bought Croatia's largest steel plant based in the town of Sisak. As RIA Novosti knows from the Russian embassy to Zagreb, the steel combine has for ten years been struggling for survival, amassed 26 million dollars of debts and, as a result, was together with its debts put to sale last September. The price was symbolic - 1 Croatian kuna or approximately 12 US cents. The new owner obliges to provide jobs for 1,700 out of the 2,000-odd workforce earlier employed. It is planned to invest about 25 million dollars in updating the works. Turbo Impex, which is made up of over a dozen steel enterprises on the Russian side, is going to sell products of the steel combine in Croatia and in third countries' markets.