China's Hebei Iron & Steel Group bid 46 million euros ($52.2 million) for a loss-making Serbian steel mill and pledged to invest $300 million in expanding production, Serbia's Economy Ministry said on Tuesday.
Hebei Iron & Steel Group submitted the only valid bid for the state-run Zelezara Smederevo steel plant, which posted a net loss of $113 million last year, and the Serbian government said the bid met all its conditions.
Hebei will not cut any of the plant's 5,050 staff, the ministry said. It plans to raise production, which was 875,000 tonnes last year, to a maximum of 2.1 million tonnes a year, the Economy Ministry said, without say how long this would take.
The potential deal could boost Prime Minister Aleksandar Vucic who is seeking re-election on April 24. The deal would be the first major privatisation since he took office in 2014, allowing him to fulfil a central economic reform pledge.
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