China's He Steel gets USD 600mn loan for Serbian acquisition

A Chinese bank has approved a USD 600 million loan to He Steel for current assets and investment in the Zelezara Smederevo steel mill, its recent acquisition.

Izvor: Beta

Thursday, 05.05.2016.

12:14

China's He Steel gets USD 600mn loan for Serbian acquisition
The signing of the contract on April 18 (Tanjug, file)

China's He Steel gets USD 600mn loan for Serbian acquisition

He Steel said on its website earlier that it plans to make Zelezara "the most competitive iron and steel producer in Europe."

Considerable funds are due to be invested in equipment and better quality of products and environmental protection, according to this.

The newspaper also said that initial plans set the investment in the steel mill at EUR 130 million.

The sum was later raised to EUR 300 million. At one point before the signing of the contract, EUR 900 million was mentioned.

On April 18, when the contract was signed, PM Aleksandar Vucic said this figure would be EUR 300 million. The contract itself does not mention investments.

The Serbian government sold the Zelezara plant to He Steel for EUR 46 million. The Chinese company should complete the takeover in June.

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