BELGRADE, Dec. 14 (Xinhua) -- Chinese steel manufacturer Hesteel announced that it will invest 120 million U.S. dollars to a steel mill in Smederevo, a city about 45 km of Belgrade.
Hesteel Chairman Yu Yong said that his company is satisfied with the production at the recently purchased steel mill in Smederevo and decided to add the investment to develope it further.
Yu Yong made the announcement after meeting Serbian Minister of Economy Goran Knezevic in Belgrade.
Hesteel took over the steel mill in July.
He told Knezevic that the investment would go directly to reconstruction and purchase of equipment and technology, according to a press release.
Knezevic said that Hesteel's investment breathed new life into this area of Serbia and gave it an incentive to grow business even more.
According to Knezevic, Hesteel's investment also contributed to Serbian macroeconomic data positively.
