Spectator on facebook

Spectator on facebook

USSK remains in Košice, for now

Chinese investor stops negotiations.

(Source: Courtesy of USSK)

The United States Steel Corporation will not be selling its U.S. Steel Košice (USSK) plant for now. This is because the Chinese company, the He Steel Group, the third biggest steel producer in the world, has interrupted negotiations for the takeover of the plant, the public broadcaster RTVS informed.

China has halted all investments abroad because it has problems with its own economy.

“The Chinese government has curbed the export of investments of especially large companies in a very strict way,” Peter Baláž from the Faculty of Commerce at the University of Economics in Bratislava told RTVS, adding that it may be that the situation is financially so complicated that investments were halted to stabilise the situation in China.

The He Steel Group is a state company owned by the regional government of the province of Hebei in the north of the country.

USSK has refused to comment about any information on its possible sale.

They had already signed a memorandum of understanding with He Steel in late January, according to information obtained by the financial daily Hospodárske Noviny. He Steel reportedly offered to pay €1.4 billion for USSK, promising to invest an additional €1 billion into the modernisation of its production technologies in order that the plant could compete with modern European steel makers.

Read also: Read also:U.S. Steel: Will they stay or will they go?

During negotiations between USSK and He Steel the Regional Court in Košice blocked the sale of most of the land under the premises of USSK, due to a long-lasting dispute with the American letter box company Adams &Co worth about $50 million.

Read also: Read also:U.S.Steel: Judges disclosed ruling before its was issued

Top stories

Robert Fico has lost the electoral magic he once had Plus

But his party can still bounce back if they do the things that make parties resilient.

Robert Fico claims that Smer won the regional elections because it is the party with the most chairs in regional councils.

New legislation protects creditors from unfair mergers

Fraudulent mergers were a legal business model enabling unfair businesses to get rid of debts

Tightening conditions when merging companies will increase the red tape of lawful mergers and prolong this procedure.

Fifty Shades of Grey: Slovakia's Olympic outfits will not stray from tradition Photo

The official outfit for Slovak athletes at the Pyongyang Olympic Games has been presented; the Slovak Olympic Committee (SOV) is not satisfied.

Olympic outfit of Slovak athletes

Blog: How long until a robot takes your job?

Are robots really taking over? What are the benefits and what are the risks?

Illustrative stock photo