Latvia, Legislation, Markets and Companies, Metals Market

Sesks said in an interview with LNT channel that former factory workers are not the only ones waiting for Liepajas metalurgs to resume operations. The port, as well as the services sector, will instantly feel the positive effect of Liepajas metalurgs resuming its business.

Income tax revenue as a result of new job creation is the most important for the municipality, however, the mayor declined to reveal any of the municipality's budget forecasts concerning the resumption of Liepajas metalurgs operations.

As reported, the Ukrainian company KVV Group won the Liepajas metalurgs tender and the right to acquire the metallurgical plant for EUR 107 million.

KVV Group intends to invest a further EUR 30 million into Liepajas metalurgs and resume production already this year.

Calculations indicate that the state will be able to retrieve all budget funds that were invested in Liepajas metalurgs, including security payments and maintenance costs. The state has already retrieved a total of EUR 768,000.