The Serbian Ministry of Economy has published on its website the contract on the sale of the Smederevo steel mill, three days after the Serbian government signed the document with executives of China’s He Steel Group.
The contract, signed by Minister of Economy Zeljko Sertic and He Steel Group Chairman Yu Yong on Monday, was published on the ministry’s website on Thursday evening.
Serbia’s economic growth is anticipated to be even higher than planned after the acquisition of the steel mill by the Chinese partner, and the plant’s entire 5,050-strong workforce is expected to retain their jobs, with new ones to be created as well.
The Serbian government accepted on April 5 a binding bid submitted by the He Steel Group to buy all 98 property units of the Smederevo steel mill for EUR 46 million.
With an annual output capacity of 50 million tons, the Chinese company – which was the sole bidder – is Asia’s largest steel producer.
Smederevo steel mill CEO Bojan Bojkovic has said that the new owner will fully take over after a two-month transitional period.
Source; SerbGov
