Steelmaker US Steel has rejected media rumors concerning the possible sale of its Slovak subsidiary US Steel Kosice.
It had been reported in some US newspapers that US Steel was likely to sell the Slovak business due to a tax credit deadline in November. The tax credits were accorded by the Slovak government in 2000, on completion of the purchase of the plant by US Steel, reaching a maximum of $430 million. The newspaper reports also indicated the world's largest steelmaker ArcelorMittal as a likely buyer of the plant.
According to a statement by US Steel Kosice spokesman Jan Baca, the Slovak facility and business will continue to be owned and managed by US Steel, and the new tax conditions will not affect any of the company's development plans and future projects.