Chinese company Hebei Iron and Steel Group, or HBIS, has signed an agreement to buy a loss-making Serbian steel plant in the city of Smederevo.

 

中国河北钢铁集团与塞尔维亚斯梅代雷沃一家亏损炼钢厂签署了收购协议。

 

The 52 million US dollar agreement was signed on Monday with the Serbian government, who had been struggling for years to find a buyer.

 

HBIS President Yu Yong says that the Group's planned investments in the next five years will turn the factory into one of the most competitive¹ in Europe.

 

"We are happy to enable investments for this steel company by using our new technology in production. We are sure that we are competent enough that we will build Smederevo into a new complex for steel production with improved equipment and better quality of products. We will make Smederevo a modern project for international cooperation between China and Central and Eastern Europe."

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