Smederevo buy blow
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Smederevo buy blow
Prime Minister Mirko Cvetkovic said the deal was a 'forced move' caused by the global economic crisis and that the government aims to restructure and resell the plant. He formally signed the agreement with U. Rintoul in Belgrade. The departure of the Pittsburgh-based giant is a blow for Serbia, whose cash-strapped economy already has been hit hard by the global crisis and a sharp drop in foreign investment. In Smederevo, a sense of uncertainty prevailed, though the town's mayor Predrag Umcevic praised the government's 'timely and good decision. Before U. Steel purchased the plant known as Zelezara Steelworks Smederevo in , the factory was completely idle, and workers grew mushrooms in its sprawling halls. Steel poured millions into the plant, turning it into the Balkan country's single largest exporter. The plant's revival injected life in other smaller businesses and the town itself, following an era of wars and economic sanctions during the conflict in the former Yugoslavia in the s'. But as the global economy slowed down in recent years, so did the plant's incoming orders. In the first nine months of last year, it operated far below the annual capacity of 2. Cvetkovic said the plant's troubles 'showed how serious the global economic crisis is and how big an influence it has on Serbia. But some analysts were skeptical. Steel would have sold it for two dollars to someone,' Brkic insisted. The Serbian plant's working week has already been cut to four days as global demand dropped for its low grade steel. Cvetkovic said the government will now appoint a new general manager and seek to resell the plant. He suggested informal contacts have been made with potential buyers in Ukraine and Russia. Steel's other factory in the region, in Slovakia, has been more profitable because it makes higher-grade steel for the car industry. More from CBS News. Chrome Safari Continue. Be the first to know. Get browser notifications for breaking news, live events, and exclusive reporting.
Smederevo – An Enticing Taste of Serbia
Smederevo buy blow
Prime Minister Mirko Cvetkovic said the deal was a 'forced move' caused by the global economic crisis and that the government aims to restructure and resell the plant. He formally signed the agreement with U. Rintoul in Belgrade. The departure of the Pittsburgh-based giant is a blow for Serbia, whose cash-strapped economy already has been hit hard by the global crisis and a sharp drop in foreign investment. In Smederevo, a sense of uncertainty prevailed, though the town's mayor Predrag Umcevic praised the government's 'timely and good decision. Before U. Steel purchased the plant known as Zelezara Steelworks Smederevo in , the factory was completely idle, and workers grew mushrooms in its sprawling halls. Steel poured millions into the plant, turning it into the Balkan country's single largest exporter. The plant's revival injected life in other smaller businesses and the town itself, following an era of wars and economic sanctions during the conflict in the former Yugoslavia in the s'. But as the global economy slowed down in recent years, so did the plant's incoming orders. In the first nine months of last year, it operated far below the annual capacity of 2. Cvetkovic said the plant's troubles 'showed how serious the global economic crisis is and how big an influence it has on Serbia. But some analysts were skeptical. Steel would have sold it for two dollars to someone,' Brkic insisted. The Serbian plant's working week has already been cut to four days as global demand dropped for its low grade steel. Cvetkovic said the government will now appoint a new general manager and seek to resell the plant. He suggested informal contacts have been made with potential buyers in Ukraine and Russia. Steel's other factory in the region, in Slovakia, has been more profitable because it makes higher-grade steel for the car industry. More from CBS News. Chrome Safari Continue. Be the first to know. Get browser notifications for breaking news, live events, and exclusive reporting.
Smederevo buy blow
Serbia buys U.S. Steel plant; Price: $1
Smederevo buy blow
Smederevo buy blow
As China Moves In, Serbia Reaps Benefits, With Strings Attached
Smederevo buy blow
Smederevo buy blow
Smederevo buy blow
Smederevo buy blow