USS confirms Serbia sale, will record charge

Jan 30, 2012 | 03:44 PM | Michael Cowden

Tags  U.S. Steel, Serbia, divestment, Michele Applebaum, Charles Bradford, John Tumazos, Michael Cowden

TORONTO — U.S. Steel Corp. has confirmed plans to sell its operations in Serbia to the country’s government in a move that it said could cost the company between $400 million and $450 million in the first quarter.

The Pittsburgh-based steelmaker said Monday it had agreed to divest the assets to the Republic of Serbia for a "nominal purchase price" in a deal that remains subject to the finalization and execution of definitive agreements. The deal is expected to close Tuesday.

The Serbian government disclosed Friday it had agreed to purchase U.S. Steel’s steelmaking operations in the country for $1 because of the global economic crisis, although the company did not confirm the deal at that time (AMM, Jan. 30). Mirko Cvetkovic, Serbia’s prime minister and minister of finance, said the country would be assuming no debt or loans as a result of the deal.....

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