China’s Belt and Road Initiative has breathed new life into a century-old steel plant in Serbia which was suffering long-term losses, management problems and an uncertain future.
Smederevo Steel Plant, approximately 60 kilometers from the Serbian capital Belgrade, is the largest steel producer in Serbia.
Founded in 1913, the steel mill at one point contributed 40 percent of Smederevo’s revenues and the livelihoods of nearly a third of the city’s residents were linked to the plant.
But in the 1990s, the company started experiencing operational difficulties and long-term losses.
In April 2016, under the Belt and Road Initiative, China’s HBIS Group Co., Ltd. acquired the steel plant and established HBIS Smederevo Steel Plant.
The Chinese firm has introduced more than 20 new technologies and management systems and reused waste materials to produce steel of better quality.
https://www.bastillepost.com/global/article/3797231-chinas-belt-and-road-initiative-breathes-new-life-into-old-serbian-steel-plant