Poldi Steelworks sold to Optimo Trade in fourth auction

The bankrupt Poldi Steelworks was auctioned off to the company Optimo Trade on Friday selling for 140 million crowns. Poldi, a former leader in Czech steel production, has been in insolvency since December 2017.

Friday’s auction was the fourth in over a year. The first three fell through after the anonymous bidders failed to pay the bidding price within the set time limit.

Optimo Trade, which was established in 2017, has already paid 90 million for the purchase and should cover the entire cost within 15 days.