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U.S. Steel won't be on sale, on contrary new investment of 130 mil Euro is in move

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U.S. Steel won't be on sale, on contrary new investment of 130 mil Euro is in move

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The biggest employer in the east of Slovakia, U.S. Steel Kosice will build a new production line. In Kosice they want to produce special electrotechnical plates from the 3rd quarter of 2020.

2 years ago they were already talks about the sale of this company to the Chinese group He-Steel. In 2016, the corporation had a net loss of 240 mil USD and on 31 January 2018, United States Steel Corporation announced a net profit 341 mil USD. The Slovak government was also alerted and performed activities to negotiate with the management. Certain law suit about lands under the company and a stop from the Chinese government in that time for foreign investment froze the deal as it was stated in Slovak newspaper.< /p>

Today almost 2 years ago it must be stated that U.S. Steel Kosice is back on track and makes again huge profits. This is underlined also with the fact that a new production line worth 130 mil Euro will be lunched in the second half of 2020.This brand new line for the production of grain-free electrotechnical steel (NGO) will be able to produce around 100,000 tons per year. A contract has been signed with and undefined strategic partner who will get most of this product. The company will produce high quality steel for electric cars. Very positive fact that there will be no state support in forms of some subsidies or tax/fee reductions.

Do you want to know more about this topic or other issues related to Slovakia. Don't hesitate and contact us.

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