Steel Mills
February 17, 2015
Esmark Will Not Acquire Zelezara Smederevo
Written by Sandy Williams
The acquisition of Serbian steel mill Zelezara Smederevo by Esmark Europe has fallen through. After 10 months of negotiations, Chairman and CEO James Bouchard announced that a definitive agreement for purchase of the mill could not be reached with the Republic of Serbia.
A revised proposal from the Serbian government changed the financial terms and provisions previously agreed to in the Pittsburgh negotiations, rendering it unacceptable to Esmark’s lending partners.
