The Serbian government announced Friday that Esmark Europe, a subsidiary of Esmark Inc. might take over operations the Zelezara Smederevo steelworks, which US Steel famously sold to Serbia for $1.00 in 2011. US Steel purchased the facility eight years earlier for $23 million.
Of the three bids the Serbian government received, Esmark Europe offered the only valid bid, which states that Esmark will acquire an 80 percent stake in the steel mill, with the government retaining the remaining 20 percent. Negotiations with Esmark are expected to be completed by mid-January, with the contract signed by the end of the month.