US Steel signs deal to keep Slovakia unit in operation
Source: Bloomberg News |
March 27, 2013, Wednesday
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Print Edition
Print Edition
AFTER Slovakia's government offered incentives to stay, US Steel Corp has agreed to keep its operations running in the central European country for at least five years.
The largest steel producer in the US won't sell its Slovakia unit, one of the country's largest employers, in exchange for environmental and energy-related concessions from the administration, Premier Robert Fico told reporters.
"This moment is extremely important for the whole country," Fico told reporters in Kosice, eastern Slovakia, where the plant is located. "The government wants US Steel to continue operations and it understands that steelmaking has to have a favorable environment here."
US Steel said in November it was considering selling the unit after it received unspecified offers. Concern that the sale would lead to job losses prompted Fico to offer concessions.
The company has pledged to maintain employment at the unit, while the government will change legislation to allow US Steel to draw about 14 million euros (US$18 million) a year in subsidies for using renewable energy sources. The company will be also granted unspecified environmental concessions.
The largest steel producer in the US won't sell its Slovakia unit, one of the country's largest employers, in exchange for environmental and energy-related concessions from the administration, Premier Robert Fico told reporters.
"This moment is extremely important for the whole country," Fico told reporters in Kosice, eastern Slovakia, where the plant is located. "The government wants US Steel to continue operations and it understands that steelmaking has to have a favorable environment here."
US Steel said in November it was considering selling the unit after it received unspecified offers. Concern that the sale would lead to job losses prompted Fico to offer concessions.
The company has pledged to maintain employment at the unit, while the government will change legislation to allow US Steel to draw about 14 million euros (US$18 million) a year in subsidies for using renewable energy sources. The company will be also granted unspecified environmental concessions.
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