Sale contract for Serbia's sole steelmaker published
The Serbian Ministry of Economy has published the contract on the sale and purchase of the Zelezara Smederevo steel mill by China's Hesteel.Source: B92, Tanjug
The document was signed on April 18 by representatives of the Serbian government and the Chinese company.
The contract (in Serbian, English, and Chinese) was published on the ministry's website, and can be viewed and downloaded here (PDF file hosted on privreda.gov.rs)
The Chinese, the sole bidder in a tender called by the Serbian government, acquired all 98 property units of the plant for EUR 46 million. According to announcements earlier in the week, Hesteel's investment will be worth at least EUR 300 million and the company plans to retain the plant's 5,000-strong workforce.
The Smederevo-based factory, then called Sartid, was in 2003 sold to U.S. Steel for USD 23 million. Until 2012 is was responsible for 13 percent of Serbia's overall exports.
After the American company decided to withdraw from Serbia in 2012, the government bought the plant back for one dollar.