Serbia invited bids for Zelezara Smederevo d.o.o., its only steel plant, renewing its attempts to sell the unprofitable mill nine months after the U.S. Steel Corp. (X:US) sold it back to the state for $1.
Bidders from mining, iron and steel industries have until Oct. 26 to submit offers, including a business plan to restart Zelezara’s two idled furnaces and a four-year investment plan of at least $50 million, according to the details of the sale published in Belgrade newspaper Politika today.
Investors seeking to buy the plant need to have assets of at least $2.5 billion and annual revenue of $2 billion in 2011, the Finance Ministry said.
The government is close to agreeing the sale to a Russian investor, Prime Minister Ivica Dacic said on Sept. 26, without naming the company.
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