Srpsko akcionarsko rudarsko topioničarsko industrijsko društvo
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Native name
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Хестил Србија / Hestil Srbija |
|---|---|
| LLC | |
| Industry | Steel |
| Predecessor |
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| Founded | 25 August 2003 (Smederevo, Serbia, Serbia and Montenegro) First founded on 20 February 1913 (Smederevo, Serbia) |
| Founder | Government of Serbia |
| Headquarters | Belgrade, Serbia |
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Area served
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Worldwide |
|
Key people
|
Ivan Milošević (Director) |
| Products | Flat-rolled steel |
|
Production output
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c. 875.000 t (full annual capacity, 2016) |
| Revenue |
 €240.81 million (2014)
|
| Profit |
–€94.97 million (2014)
|
| Total assets |
€228.91 million (2014)
|
| Total equity |
 –€77.93 million (2014)
|
| Owner | Hesteel Group (100%) |
|
Number of employees
|
4,962 |
| Parent | Hesteel Group |
| Divisions |
|
| Website | www |
The Hesteel Serbia (Serbian: Хестил Србија / Hestil Srbija) is a Serbian steel manufacturing conglomerate with the headquarters in Belgrade. It operates with facilities in Radinac (steel plant, hot and cold rolling mill), Smederevo (harbor), Šabac (tinplate) and Kučevo (limestone mining).
On 20 February 1913, the company was founded under the name SARTID a.d. (Srpsko akcionarsko rudarsko topioničarsko industrijsko društvo a.d.). In the beginning, mainly foreign investors were shareholders of the company. During the period from 1945 to 1992, the Government of Socialist Federal Republic of Yugoslavia operated the steel plant. Many new factories were opened in that period, while Železara Smederevo was seen as a pillar of the Yugoslav metallurgy.
During 1990s, the company's value has declined significantly, mainly due to the sanctions which were put in effect due to people's suffering in Yugoslav War. The loss of market and suppliers caused the later bankruptcy of the company.
In April 2003, two weeks after the assassination of the Serbian PM Zoran Đinđić, the bankrupted company was sold to American steel company U.S. Steel (USS) for $23 million. U.S. Steel also pledged to invest $150 million in plant modernization. Following the company's acquisition, the owners changed its name from SARTID a.d. to U.S. Steel Serbia d.o.o. (USS Serbia d.o.o.). Over the years, while being owned by U.S. Steel Corporation, the company formed an important part of the Serbian GDP, and also was the biggest Serbian exporter during the period from 2003 to 2012.
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