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Slovak government would like to obtain some influence in Kosice steelmaker-The 18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
3/9/2017 Die-casting expo-foundry expo |
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Slovakian Spectator reported that after more than 16 years, US Steel is likely to definitively quit Slovakia. This time, the Slovak government of Robert Fico has not offered the American owners any stimuli to stay in Kosice like back in 2013. It only states that US Steel is a private company and thus it does not have any instruments to prevent the sale of USSK. Nevertheless, PM Robert Fico reiterated several times that the government would like to obtain a share in the biggest employer in eastern Slovakia.
The potential buyer is the Chinese steelmaker Hesteel Group. It is rumoured that it will pay EUR 1.4 billion for the Kosice-based steel-making operations, US Steel Kosice (USSK). But it is estimated that the Kosice plant employing about 10,000 people suffers from large investment debt and that the new owner would need to investment at least EUR 1 billion to make it competitive on the market.
Mr Boris Tomiak analyst of Finlord told Pravda that ”°Americans have been openly talking about the sale of USSK for two or three years. Today they have an ideal opportunity to do so due to increasing steel prices and the growing profitability of the plant. My opinion is that in the end they will decide to focus only on the American market and sell USSK.”±
Mr Tomiak believes that the strategic decision concerning the sale of USSK will affect the corporation for the next five to 10 years.
-The
18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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