Chinese-owned steel mill overtakes Fiat as top exporter

Smederevo-based Hbis Serbia steel mill produced 437,000 tons of steel castings in Q1 2019 - 6 percent more than in the same period last year, RTS has reported.

Source: Tanjug
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(Tanjug, file)
(Tanjug, file)

The mill, owned by China's steel industry giant Hbis, boosted production through greater engagement of production capacities.

The company said that despite export restrictions, it is achieving the objectives set in the business plan, Tanjug said, citing the public broadcaster.

"The volume of shipments of ready-made products exceeds this year's plan and is close to the volume marketed in the same period last year. Unfortunately, Serbia has fallen under the European Commission's quota system, so Hbis Serbia is forced to operate in the current conditions, which also makes marketing our products in the EU more difficult," Hbis Serbia said in a statement.

Namely, the steel mill has overtaken Fiat (FCA) to become Serbia's top exporter.

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