Serbia will restart Zelezara Smederevo, the country’s sole steelworks and top exporter, after restoring supplies of raw material disrupted by extreme weather.
One of the two furnaces will be fired up tomorrow, the company said in an e-mailed statement. Supplies of iron ore and coke fell below critical levels earlier this month when ice on the Danube river blocked the barges bringing the raw materials.
The government bought back the unprofitable plant in January from U.S. Steel Corp. for $1. It was already working at less than half of its annual capacity of 2.2 million tons of steel.