Chinese company, He Steel, set to buy U.S. Steel Košice

The US owners of the Košice plant and the Chinese have signed a memorandum of understanding.

US Steel KošiceUS Steel Košice(Source: Courtesy of USSK)

The sale of U.S. Steel Košice (USSK), the Slovak plant of the US steel giant and the biggest employer in eastern Slovakia, has begun, the website of the economic daily Hospodárske Noviny, wrote on the evening of January 26.

Based on the daily’s information it is understood that the two companies signed a memorandum of understanding in Pittsburg on January 26 thus starting the flow of Chinese capital into the Košice-based plant.

“We will not comment on this topic,” said Ján Bača, USSK spokesperson, as cited by the daily.

The next step should be due diligence which is expected to start in February.

Read also:U.S. Steel seems to be departing

“The memorandum does not have strict rules, but it sets concrete limits and dates for the deal,” said Juraj Borgula, vice-president of the Slovak Engineering Industry Association (ZSP), adding that these include the conditions under which a possible buyer can show interest and the seller can dispose of the assets. “The signing of the memorandum also blocks other possible buyers.”

Among others interested in the acquisition of USSK was, for example, Czech Moravia Steel behind which stand Slovak billionaires led by Tomáš Chrenek.

Read also:If Americans were selling USSK, the state might acquire its part

Allegedly He Steel has offered €1.4 billion for USSK. This is a sum for which the American owners might be willing to sell the plant, the daily wrote.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Theme: Industry


Top stories

Six people involved in the surveillance of journalists, Kočner paid thousands

People who followed journalists for Kočner are trying to rid themselves of guilt.

Peter Tóth

Is the state aware of the Orwellian dimensions of the surveillance of journalists?

Our paranoias have come to life. Surveillance of journalists is unacceptable in a democracy.

Murdered journalist Ján Kuciak was surveiled, too.

Reinventing the wheel

Bratislava’s current bike sharing scheme is something of a curate’s egg: good in parts.

Yellow bikes are popular in Bratislava

Trump will meet Pellegrini at the White House

The two politicians will discuss defence and economic cooperation this May.

The White House