Slovenian state holding company supports search for new owner for SIJ

The Slovenian state holding company SDH, which manages state shares in enterprises, supports efforts to find a new, preferably strategic and financially capable owner for the Slovenian metallurgical group SIJ (Slovenska Industrija Jekla). This was stated by SDH Chairman Žiga Debeljak, according to Kallanish.

According to him, since 2007, when the controlling stake in the metallurgical group was sold, the state has owned only 25% of SIJ and has no influence on the company’s operations. He attributes the group’s current difficulties primarily to the objective situation on the European steel market, rather than to management mistakes.

Debeljak stressed that for cyclical industries, such as steelmaking, it is critically important to have a financially strong owner capable of supporting the business in difficult times. In his opinion, the current owner does not meet these requirements, so SDH, within its powers, supports the search for a new investor who will ensure the further development of enterprises in Jesenice and Koroska.

If a potential buyer wants to acquire 100% of the shares, the state is ready to sell its stake. At the same time, SDH allows for the possibility of retaining a minority stake.

The main shareholder of SIJ is Dilon, with a 72.2% stake, controlled by Russian businessman Andrey Zubitsky. In the first half of 2025, SIJ reduced steel production by 6% y/y – to 248,100 tons, while revenue decreased to €518 million from €582 million a year earlier.

A year ago, SIJ announced plans to build a €1.5 billion plant in Saudi Arabia to produce electric steel and high-quality hot-rolled coils. The company signed a corresponding agreement with the Saudi Arabian government. The plant is to be located in the industrial city of Ras al-Khair. The plant is scheduled to be commissioned by 2029.