Slovenia’s Sovereign Holding (SDH), which manages state equity stakes, is supporting efforts to find a new, preferably strategic and financially strong owner for Slovenian Steel Group (SIJ), says SDH chairman Ziga Debeljak.
“Since 2007, when the majority share of the steelmaker was sold, Slovenia has only had a 25% ownership stake [in SIJ], so it has not been able to influence the company’s operations,” he said in an interview with newspaper Delo. “The current challenges of the SIJ Group also stem from objective circumstances on the European market in the steel industry. The current situation is not a result of poor management, but primarily objective market conditions.”
At the same time, ownership is a responsibility and companies, especially those undertaking cyclical activities such as steelmaking, must have financially strong owners who can support the firm in difficult times, Debeljak added.
“The current owner does not seem to be like that, so SSH, within its competence, supports activities to find a new, preferably strategic, financially strong owner for the company, which will enable it to continue developing both at the Jesenice and Koroshka locations,” he noted. “It is positive that the group has invested heavily in technology in recent years and today has modern, competitive technology that also enables the production of green steel. This is also key for its future operations and development.”
If the new owner wants to buy a 100% stake, SDH will sell the state’s shareholding, he notes. “If the state wants to remain a co-owner, we are ready to continue to remain a minority co-owner,” he adds.
In response to these comments, SIJ tells Kallanish: “SIJ Group cannot confirm the statements from SDH.”
SDH did not reply to request for comment before Monday deadline.
The SIJ Group is primarily owned by Dilon, which holds a 72.2% stake. Dilon is a Slovenian company controlled by Russian businessman Andrey Zubitskiy.
Earlier, the Slovenian steelmaker expressed interest in acquiring Montenegro-based Zeljezara Niksic.
SIJ produced 248,100 tonnes of crude steel in the first half of 2025, down by 6% year-on-year, according to latest available data. Revenue was €518 million ($611m), down from €582m in the same period in 2024.