China's Hesteel to boost steel output in Serbia in 2018

The company expects the revenue of Zelezara Smederevo to rise to $1 billion (848 million euro) next year from $750 million in 2017 and $433 million in 2016, the chairperson of Hesteel, Yu Yong, said, as quoted in a statement by the Serbian president's office.

Hesteel made investments worth $160 million in 2017 and plans to attract more Chinese company willing to open production factories in the industrial zone of Smederevo next year, Yong said during a meeting with Serbian president Aleksandar Vucic.

The Chinese group officially took over the management and ownership of Zelezara Smederevo in July 2016. In April 2016, Serbia's government agreed to sell the steel mill to Hesteel, after the Chinese investor submitted a binding offer to buy all 98 property units of Zelezara Smederevo for a total of 46 million euro.

($ = 0.8477 euro)