Serbian President Vucic praised the acquisition of the Chinese company on the 5th for the success and progress of the Serbian Smederevo steel plant.

Vucic made the above remarks during the celebration of the second anniversary of the official takeover of the Smeder Revo steel plant by Hegang Serbia. He thanked the workers for their efforts to achieve corporate goals and emphasized the importance of steel mills to the city of Smederevo and the entire Serbian economy.

Founded in 1913, Smeder Revo Steel is a well-known 100-year-old factory. Due to fierce competition in the international market and poor management, the factory was once in trouble and faced bankruptcy. In April 2016, China's Hegang Group signed a contract with the Serbian government to acquire the Smeder Revo steel plant for 46 million euros, retaining 5,000 employees and establishing Hegang Serbian Co., Ltd. In December of that year, the steel mill realized profitability and reversed the loss for seven consecutive years.

Song Weihai, executive director of Hegang Serbian Co., Ltd. said that after the establishment of the company, it not only ensured that the original employees of the factory had stable jobs, but also provided 200 new jobs each year and invested a large amount of funds for technical upgrading and equipment renovation.

Song Yihai said that last year, the steel mill completed 1.46 million tons of steel output, with an output value of 750 million US dollars, and paid taxes to the government for 39 million US dollars. “In 2018, the steel mill plans to produce 1.8 million tons of steel, which will set a new historical record and achieve an operating income of more than US$1 billion. From the first half of the year, this goal can be achieved.”