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Chinese steelmaker buys US Steel plant

Chinese steelmaker buys US Steel plant

Issue Time:2016-04-22

The Hebei Iron and Steel Group has signed on the dotted line to buy a loss-making steel plant in Serbia.

The plant, previously owned by US Steel was sold to the Chinese steelmaker for US$52 million. It employs 5,000 workers and was sold back to the State of Serbia  by US Steel for just one dollar, due to the losses incurred.

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