U.S. Steel to Acquire Serbian Steel Company
April 3, 2003
United State Steel Corp., Pittsburgh, Pa., announced that U.S. Steel Balkan d.o.o., a Serbian subsidiary of U.S. Steel, has agreed to purchase out of bankruptcy Serbian steel producer Sartid a.d. and six of its subsidiaries for a total purchase price of $23 million. The purchases, which are targeted for completion during the third quarter of 2003, are subject to several conditions including the successful completion of anti-monopoly review by competition authorities in several countries. Sartid's production facilities, which are located in northern Serbia, include an integrated mill with a raw steel design capacity of 2.4 million net tons.