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U.S. Steel Sells Back Serbian Plant, State Looks East for Buyers

Serbia bought back the Smederevo steelworks from U.S. Steel Corp. for a token amount of $1 as the biggest U.S. producer of the metal by volume is cutting losses.

Serbia’s government will seek a new buyer for the country’s only steel mill with “multiple targets in mind,” including Ukrainian, Russian producers and “some from the far East,” Prime Minister Mirko Cvetkovic said in Belgrade today at the signing of the buy-back agreement with David Rintoul, U.S. Steel’s vice president for European operations.