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Saturday, January 28, 2012

Serbia buys local U.S. Steel unit for $1

Sat Jan28, 2012

BELGRADE - The Serbian government will buy back U.S. Steel Corp's underperforming Serbian unit for a single U.S. dollar, the country's prime minister said on Friday.

"We have agreed to buy it back for $1," Mirko Cvetkovic, the Prime Minister told a news conference. "U.S. Steel is leaving Serbia and the reason for that is the economic crisis."

U.S. Steel bought the then bankrupt Sartid steel mill from the central city of Smederevo in 2003 for $33 million, but the plant has been running well below annual capacity of 2.4 million tonnes for the past five years.

(sourced Reuters)

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