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United States Steel to Sell U. S. Steel Serbia
01/31/2012 - United States Steel Corp. announced plans to sell its U. S. Steel Serbia d.o.o. unit to the Republic of Serbia for a nominal purchase price.
United States Steel Corp. announced plans to sell its U. S. Steel Serbia d.o.o. to the Republic of Serbia for a nominal purchase price.
U. S. Steel expects to record a total non-cash charge of between $400 and $450 million in the first quarter of 2012, which includes the expected loss on the sale and a charge of approximately $50 million to recognize the cumulative currency translation adjustment related to the company's net investment in Serbia.
U. S. Steel acquired the Serbian facilities — formerly known as Sartid a.d. — in 2003. The company produces steel, hot and cold rolled products and tin plate.
U. S. Steel’s sale of U. S. Steel Serbia, which is subject to finalization and execution of definitive agreements, is expected to close on Jan. 31, 2012.
