China’s Hesteel Group will invest 120 mln dollars in the Smederevo steel mill in 2017, the group’s President Yu Yong said after meeting with Serbian Minister of Economy Goran Knezevic on Wednesday.
The funds will be invested directly in reconstruction and acquisition of equipment and technology to improve operation even further, announced Yong.
Yong, who took a tour of the steel mill and spoke to the management and employees, conveyed to Knezevic Hesteel’s satisfaction with the plant’s work to date, as well as the plan for next year, the Ministry of Economy said in a statement.
Hesteel acquired the mill in July this year.
The investment has revived an entire region of Serbia, giving it an impetus to become an even better business and contributing to Serbia’s excellent macroeconomic results, Knezevic said.
