Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group Co. (Hebei Steel Group) and China Investment Corporation Overseas (CIC Overseas) have inked a framework agreement with the government of Serbia regarding cooperation in relation to the Serbia-based Smederevo steel plant. The signing ceremony in Hebei was attended by Chinese premier Li Keqiang and Serbian prime minister Aleksandar Vucic.
Accordingly, Hebei Steel Group and CIC Overseas will form a consortium to cooperate with the Serbian government and help Smederevo steel plant to become competitive and sustainable through asset restructuring, technical investment, market integration and product structure adjustment.