CHINESE BOUGHT SERBIAN IRONWORK! A contract has been SIGNED worth 46 million euros (PHOTO) (VIDEO)

A contract of selling of Smederevo Ironwork to the Chinese company Hesteel Group Co., Ltd. has been signed by Serbian Minister of Economy Zeljko Sertic and the Hesteel Group Co., Ltd. president Ju Jong. The signing of the contract in the ironwork were watching by Serbian Prime minister Aleksandar Vucic, representatives of diplomatic sphere and many more public people from the country.

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Hesteel Group Co., Ltd. was the only one to bid on buying of the Ironwork property with the price of 46 million euros which government of Serbia accepted on 5th of April. 

A future owner of Ironwork plans to invest 300 million euro, reach a maximum production of 2.1 million tons and keep all of the current 5.050 workers.

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Hesteel Group Co., Ltd. is the biggest manufacturer of steel in China and has yearly production capacity of 50 million tons and employs more than 120.000 workers around the world.

Foto: Telegraf

This group owns  37 blast furnaces, among which 23 have capacity over 1.000 cubic meters, and in 2015. they produced 47.8 millions tons of steel. 

Smederevo Ironwork has been in the government property  since 2012. when was bought off from U.S. Steel that retired from Serbia when crises enveloped market and steel started to lose money.

Foto: Telegraf

Serbian government,, after the selling of Ironwork, will have to deliver evidence to the European commission that Serbia is not exporting the steel from China which is cheaper and therefore not endangering the competition in the EU market. Also, it is forbidden with the regulations of EU for state to help any ironwork.

(Telegraf.co.uk)