After SteelOrbis reported last week that Esmark acquired US Steel’s former steel mill in Serbia, the company announced Tuesday that it plans to invest $400 million in the facility over the next five years, according to media reports.
Currently the Serbian government is in control of the mill, which is the only steelmaking facility in the country, employing about 5,000 workers. Only one of its two furnaces is in operation, and reports state that the mill is in the red by about $10 million a month because of the halved capacity.