Steel Mills
January 12, 2015
Esmark Europe Acquires Serbian Mill
Written by Sandy Williams
Esmark Inc. can finally celebrate the acquisition of Zelezara Smederevo Steel Works. Chairman and CEO James Bouchard announced Monday that Esmark Europe had been officially notified by the Republic of Serbia as the winning bidder for the steel works.
The recently formed entity Esmark Europe BV will have a controlling 80.1 percent stake in the steelworks with the Serbian government retaining the remaining 19.1 percent. Bouchard and key management team members will meet with government officials in Belgrade this week to begin finalizing documents for the sale and purchase of the steel mill assets. Esmark expects to close on the transaction by February 1 and immediately begin revitalizing the mill.
