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Uralvagonzavod Drops Plan to Buy Serbia Sole Steel Plant

NPO Uralvagonzavod OAO of Russia placed no binding offer for Zelezara Smederevo d.o.o., Serbia’s sole steel producer, by today’s deadline, Serbia’s Finance Ministry said in an e-mailed statement.

The Serbian government will discuss the sale of the unprofitable producer tomorrow and won’t extend the deadline for placing bids for a third time, according to the statement.

Uralvagonzavod was the only company to have expressed interest in the Smederevo-based plant, which U.S. Steel Corp. sold back to Serbia for $1 in January 2012.

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