STEEL giant US Steel Košice (USSK) has signed a contract with Serbian metallurgical company Sartid, say company officials. Under the deal, material from USSK will be processed in two of Sartid's plants under the supervision of USSK officials. The contract is good for six months as USSK conducts due diligence ahead of its planned entry into Sartid as a strategic investor.
USSK has also announced plans to continue looking eastward for markets, citing the possibility of a backlash in Europe stemming from the recent trade row between the European Union (EU) and the US. Claiming the need to protect its domestic steel industry, the US has applied tariffs reaching as high as 30 per cent on some steel imports, angering many in Europe.
Company president John Goodish said: "We have found further market opportunities in our effort to balance out possible losses [from any EU tariff rises], and some are to the east. We have to have our own strategy if we want to remain a profitable concern."
18. Mar 2002 at 0:00 | Compiled from Slovak press reports