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U.S. Steel Košice considering withdrawal from Slovakia

On Monday, November 12, the management of the Košice-based iron-works U.S. Steel (USSK) officially admitted for the first time that the US investor is considering leaving Slovakia. In a statement letter to employees, the company writes that it has already received an offer to be bought out of the Slovak factory. The statement does not reveal who would be the potential buyer, the Sme daily wrote in its Tuesday issue. The parent company, United States Steel Corporation, has received several offers to purchase the steelworks in Košice.

On Monday, November 12, the management of the Košice-based iron-works U.S. Steel (USSK) officially admitted for the first time that the US investor is considering leaving Slovakia. In a statement letter to employees, the company writes that it has already received an offer to be bought out of the Slovak factory. The statement does not reveal who would be the potential buyer, the Sme daily wrote in its Tuesday issue. The parent company, United States Steel Corporation, has received several offers to purchase the steelworks in Košice.

"We have received bids for U.S. Steel Košice, as it has solid financial results and a strategic position in the region. USSK is an attractive asset…. USSK also offers a good mix of products for the growing markets of the V-4 countries. United States Steel Corporation believes that it is reasonable in the context of its overall capital situation to address the interest manifested in a way that maximises return for its shareholders. Until now, no decision has been made," spokesman for USSK Ján Bača told the SITA newswire. He declined to specify how many bids they received and from which companies, however.

According to some of the rumours in the industry, ThyssenKrupp is allegedly interested. Germans have a factory in Alabama with 2,700 employees and there are speculations they could exchange it for the steelworks in Košice. Accroding to Sme, ThyssenKrupp denied any interest in buying USSK. The stance of the biggest world steel producer ArcelorMittal was less dismissive, and simply refused to comment on the rumours spreading in the market. A Ukrainian steel industry company also expressed interest, SITA reported.

(Source: Sme, SITA)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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