September 8 (SeeNews) - China's Hesteel expects its Serbian steel mill Zelezara Smederevo to generate a revenue of $800 million (663 million euro) in 2017, Serbian labour minister Zoran Djordjevic has said.
Hesteel's investment in Zelezara Smederevo will rise to $150 million this year from $120 million in 2016, the labour ministry quoted Djordjevic as saying in a press release on Thursday.
Hesteel hired 300 employees this year and plans to increase its investments in the future, Djordjevic said during a visit to the steel mill together with China's ambassador to Serbia, Li Manchang.
Hesteel officially took over the management and ownership of Zelezara Smederevo in July 2016. In April 2016, Serbia's government agreed to sell the steel mill to Hesteel, after the Chinese investor submitted a binding offer to buy all 98 property units of Zelezara Smederevo for a total of 46 million euro.
($ = 0.828707 euro)