Summary Box: Serbia offers help to US Steel

AP News
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Posted: Jan 24, 2012 1:37 PM
Summary Box: Serbia offers help to US Steel

STOPPING CLOSURE: Serbia's government will try to avert the closure of its single biggest exporter, U.S. Steel Serbia, despite poor financial results.

THE PLAN: The government will form a special team that will offer an "action plan" to help the Pittsburgh-based giant maintain production and keep its workforce of over 5,000 people in its factory in Smederevo, about 37 miles southeast of Belgrade.

BIG BUSINESS: U.S. Steel Serbia, which accounts for about 10 percent of the country's exports with $35 million in 2010, is mulling turning off the second of the two blast furnaces in Smederevo because of mounting losses amid the global economic slowdown. A decision is in the next week.