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China's HBIS generates $1.6 bln revenue in Serbia in three years

Author Radomir Ralev
China's HBIS generates $1.6 bln revenue in Serbia in three years Source: HBIS Serbia

BELGRADE (Serbia), July 25 (SeeNews) - HBIS Group Serbia Iron & Steel, a unit of China's HBIS, generated a revenue of $1.6 billion (1.4 bln euro) at Zelezara Smederevo steel mill in the last three years, the director of the unit, Lianxi Wang, said.

Zelezara Smederevo produced a record-high 1.7 million tonnes of steel during that period, Wang said in a video file published by news agency Tanjug on Wednesday.

The company plans to invest in the overhaul of the converter shop and rolling mill at Zelezara Smederevo steel plant, Wang said, speaking through an interpreter.

On Wednesday, HBIS Group Serbia launched a $120 million project for construction of a new sinter plant at Zelezara Smederevo.

The Chinese steelmaker plans to invest $300 million in Zelezara Smederevo by the end of 2021, the Serbian president's office said earlier this month. The company was Serbia's largest exporter in the first five months of 2019.

HBIS took over the management and ownership of Zelezara Smederevo in July 2016, three months after the government agreed to sell the steel mill to the Chinese group for 46 million euro.

($ = 0.89865 euro)