Yu Yong — head of the Chinese steelmaking giant Hebei Iron & Stee met with the Minister of economy of Serbia. At the meeting, in particular, talked about the Chinese investment Corporation in the company Zelezara Smederevo. Hebei Iron & Stee has acquired the Serbian company this summer. Yu Yong said that his company intends to invest in about a hundred and twenty million dollars in the Serbian factory.

At the meeting it was stated that the funds will be allocated in 2017. The money will be spent on the modernization and repair of equipment. The purpose of investment — increase the efficiency of the plant. Moreover, the plans of the Chinese for five years to invest three hundred million dollars.

The Serbian government responded positively to the news. The economy Minister noted that the government appreciates the work of Hebei Iron & Stee. Don’t forget that before buying a Chinese metallokombinat the only country to have experienced financial difficulties. The sale of the company Hebei Iron & Stee gave a chance to the Serbian steel industry. The Minister noted the important contribution

Hebei Iron & Stee at a local metallurgy.

Investment in the sector has already shown significant results. This is especially evident on the background of the General decline of the European steel industry. So, according to the World Steel Association, the Serbian steel industry has shown positive growth. For the period from January to October in Serbia has produced twelve percent more steel products. In General, for the nine months was made nine hundred and fifteen tons of steel. This year for the first time in five years, the steel production will exceed one million figure.

The Serbian government is optimistic about the future of the industry. For the next year are going to increase production. But interference can be a limiting Serbian imports to the EU. This autumn, the European Commission started anti-dumping investigation against several countries, including Serbia. For the countries of the European Union — the main market for steel products. While in Europe the share of Serbian steel accounts for less than ten percent. According to statistics, in 2015, exports amounted to 5.2 percent. For the first half of this year, the figure dropped to 3.7 percent.

If the investigation confirms the illegal trade in steel from Serbia, probably to the EU will decrease.