A Tirana court has started to examine the bankruptcy filing for Kurum, one of the largest steel producers in Southeast Europe.
The company, which is a unit of Turkey’s Kurum Holding, unexpectedly filed for bankruptcy in 2015. Kurum faced huge competition mainly from China, which produces steel at lower costs.
Kurum filed for bankruptcy as it was unable to repay loans from several banks, and a decision is expected in the next few days, local media reported on March 17.
Just one year earlier, Kurum claimed to be the largest producer of steel in the Balkans and the biggest exporter in Albania with revenues of €195mn, broadcaster Top Channel reported.
However, hit by the global crisis in the sector, Albania’s Kurum started to cut its staff rapidly, shedding 700 employees. By the second half of 2015, it employed less than 200 people.
According to the company’s 2014 financial report, Kurum owed over €110mn in bank loans.
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