Minister announces “plan B” for steel mill

BELGRADE Finance and Economy Minister Mladjan Dinkic has said that Russian company Uralvagonzavod has not submitted its bid at a tender for the Smederevo steel mill. He added that the tender, which expires on Thursday, would not be extended. Minister announces “plan B” for steel mill Dinkic told reporters he would now probably activate plan B, which he would present to the president and prime minister on Friday, along with the company management and unions, because "Smederevo must not shut down." The minister said the government was still open to all options and several companies from different countries are interested in cooperation, but did not name them. Dinkic also said the government was still in touch with Uralvagonzavod. The first tender for the sale of the steelworks was announced in April last year and was then extended several times in order to attract more potential investors. The government has said it intends to sell 75 percent and hold on to 25 percent of the shares in Zelezara. It purchased the steel mill in January 2012 from U.S. Steel for USD 1, after the company suffered losses due to the declining price of steel on the world market. In March 2003, U.S. Steel bought the mill, then named Sartid, for USD 23mn. Mladjan Dinkic (Tanjug) Tanjug

Minister announces “plan B” for steel mill

Dinkić told reporters he would now probably activate plan B, which he would present to the president and prime minister on Friday, along with the company management and unions, because "Smederevo must not shut down."

The minister said the government was still open to all options and several companies from different countries are interested in cooperation, but did not name them.

Dinkić also said the government was still in touch with Uralvagonzavod.

The first tender for the sale of the steelworks was announced in April last year and was then extended several times in order to attract more potential investors.

The government has said it intends to sell 75 percent and hold on to 25 percent of the shares in Železara.

It purchased the steel mill in January 2012 from U.S. Steel for USD 1, after the company suffered losses due to the declining price of steel on the world market.

In March 2003, U.S. Steel bought the mill, then named Sartid, for USD 23mn.