US Steel Serbia Restarts Blast Furnace
30/06/2005
US Steel, which bought Serbia's Sartid steelworks two years ago, has reopened a blast furnace at Smederevo, some 45km south of Belgrade. The move is expected to help double the steelworks' annual output to 2.2 million tonnes.
By Dusan Kosanovic for Southeast European Times in Belgrade -- 30/06/05
 US Steel Serbia, formerly known as Sartid, is Serbia's largest exporter, operating plants in Smederevo, Sabac and Kucevo. [US Steel] |
US Steel Serbia (USSS) reopened its number one blast furnace on 22 June, under a 27.4m-euro investment. The ceremony at Smederevo, some 45km southeast of the capital, was attended by Serbian President Boris Tadic, Prime Minister Vojislav Kostunica, US Ambassador to Belgrade Michael C. Polt, and other top officials.
Restarting the blast furnace, which was offline for 18 years, will help raise the Smederevo steel factory's output to 1.6 million tonnes this year and eventually double it to 2.2 million tonnes a year, said USSS General Manager Michael Fedorenko.
The move comes two years after Pittsburgh-based US Steel bought Serbia's sole steelworks and its six subsidiaries from receivership for 19m euros. The new management pledged to invest 124.2m euros over the next five years. It has pumped in 107.6m euros so far.
USSS, formerly known as Sartid, is Serbia's largest exporter today, operating plants in Smederevo, Sabac, and Kucevo. It exports 65 per cent to 70 per cent of its total output to Europe and the Middle East. The company's 2004 exports totalled 347.6m euros. In the first four months of this year, iron and steel products accounted for 16.7 per cent of Serbia's exports of 1.13 billion euros, according to the Serbian Chamber of Commerce.
US Steel President and CEO John Surma described 22 June as a historic day for the company, Smederevo and all of Serbia. According to Surma, there are many possibilities for co-operation on issues of national interest.
Tadic agreed, inviting US Steel representatives to help promote American investments in the country.
"Steel produced at Smederevo is not only a product, but also a symbol of strong US-Serbian ties," Kostunica told reporters.
US Steel Serbia employs 8,550 people and has pledged, as part of its purchase of Sartid, to retain them for three years. Officials say there are no plans for massive layoffs after that period ends in 2006.
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