Steel mill Zeljezara Split will go up for sale at the end of the month after being out of business for the past two years.

The company is worth 10.3 million Euros, which will be the starting price at the public tender scheduled for 27 October.

Zeljezara Split’s bankruptcy proceedings were started in March by the Croatian electricity provider HEP over 8 million kunas (1.07 million Euros) of debt owed to the company.

The steel mill's workers are hoping the sale would cover what's owed to them. Repayments to other creditors will depend on the sale price, daily Jutarnji List writes.

Polish firm Zlomrex bought the company several years ago, but workers claim the new owners did not invest new capital and had let the steel mill go bust. They are convinced, however, the mill could operate at a profit.

Several months ago it was rumoured entrepreneur Petar Pripuz would rent Zeljezara Split. He is also mentioned in relation to a possible purchase of a steel mill in Sisak. American company CMC that owns Sisak steel mill had announced its sale last week.