U.S. Steel Considers Sale of Slovak Unit, Last in Europe
U.S. Steel Corp. (X), the country’s largest producer of the metal by volume, is considering selling its last remaining European steel mill.
The company has “received expressions of interest” in U.S. Steel Kosice, Jan Baca, a spokesman for the Slovakian unit, said today in an e-mail.
U.S. Steel, based in Pittsburgh, is paring down its operations in Europe. It said in October that it would break even in the region in the current quarter as slowing consumption drives down spot prices and shipments. The company sold its only other European plant, in Serbia, in January for $1, triggering a $450 million charge in the first quarter.
U.S. Steel bought its Slovakian operations in 2000 for $475 million. The plant has annual production capacity of 5 million tons, including two coke batteries, three blast furnaces and other operations that produce sheets, tin mill products and pipes.
Sme, a Bratislavia, Slovakia-based newspaper, reported today that U.S. Steel is considering selling the unit, citing trade-union leader Mikulas Hintos.
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