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BELGRADE (Serbia), July 19 (SeeNews) - HBIS Group Serbia Iron & Steel, a unit of Chinese steelmaker HBIS, plans to invest $80 million (71.2 million euro) in the launch of a new sinter production plant at Serbian steel mill Zelezara Smederevo, it said on Friday.
The new facility will contribute to the improvement of the efficiency, productivity and environmental impact of steel production at Zelezara Smederevo, HBIS said in a statement.
An official groundbreaking ceremony for the new sinter production line will be held on July 24, HBIS said.
The Chinese steelmaker plans to invest $300 million in Zelezara Smederevo in Serbia by the end of 2021, the Serbian president's office said earlier this month. The company was Serbia's largest exporter in the first five months of 2019.
HBIS took over the management and ownership of Zelezara Smederevo in July 2016, three months after the government agreed to sell the steel mill to the Chinese group for 46 million euro.
($ = 0.8899 euro)