BUSINESS SHORTS

Cabinet gives money to ailing mining company

THE GOVERNMENT is giving Sk183.5 million (€5.5 million) to a struggling iron ore mining and processing company, Siderit, in an effort to save jobs.

Cabinet approved the aid injection on September 12. The company, based in Nižná Slaná in eastern Slovakia, will use it to cover half of the costs of its modernisation, which is projected at Sk367 million, the SITA newswire wrote.

The cabinet already decided in October 2006 to help Siderit because of the company's poor financial situation. The company fell on hard times when the prices of electricity and natural gas, along with other resources, went up.

The Economy Ministry said that modernising the company will keep Siderit afloat and avoid job cuts for its 600 or so employees. The closure would indirectly kill another 200 to 300 jobs.

Siderit is one of the biggest employers in Rožňava District, which is suffering from a high unemployment rate. It extracts iron ore and processes it into the final product: blast-furnace pellets. The company is one of the only producers of blast-furnace pellets in Central Europe.

Get daily Slovak news directly to your inbox

Top stories

Slovakia orders a curfew and embarks on its COVID experiment

High turnout in testing in four northern districts, decision awaited on extending the project to the nation. Prison for a prominent prosecutor and parliament's speaker injured.

Waiting for the results of COVID tests during the pilot phase of the nationwide testing in the town of Nižná in Orava, northern Slovakia.

No balanced budget for next three years, this time due to COVID-19

2021-2023 general government budgets lack consolidation measures.

Finance Minister Eduard Heger

Pity the nation

Americans’ choice of president on November 3 will affect Slovaks too.

The second US presidential debate.

Extension of the tram line deeper into Bratislava’s Petržalka is closer to completion

After completion, passengers will be able to go from the very end of Petržalka to the city centre in 10 minutes.

The current tram terminal station on Jungmannova Street in Petržalka.