Serbian President Aleksandar Vučić announced that the European Union’s steel tariffs will significantly impact the Smederevo steel plant, owned by China’s HBIS Group, which employs around 5,000 workers.
The EU has proposed halving import quotas for steel from non-EU countries, with imports exceeding the quotas subject to doubled tariffs, rising from 25% to 50%. Vučić warned that such measures are unsustainable for both Serbian producers and European car manufacturers, who rely on more affordable steel supplies.
He also noted that Serbia is becoming less attractive for foreign investment due to the absence of cheap labor. Vučić expressed hope that a favorable gas agreement with Russia will be reached by the end of the month to strengthen Serbia’s competitiveness.
