At the start of the 20th century, the town was an agricultural settlement, with citizens cultivating the fields of the Žiar Basin. After World War II, the only aluminium plant (ZSNP) in Czechoslovakia was developed in the town, with production commencing in 1953, securing thousands of work places. The Works have been a base for town's transformation into an industrial city. With the growth of the aluminium plant came the population boom, supported by domestic migration. The SNP Works were privatised in 2002, with Penta winning over 40% of the shares. Some of the old parts of the plant are no longer in use. The industrial park now houses multiple private companies.