Core Group is finalizing the deal on US Steel in Serbia

Saturday, 3 March 2012

Blic cites its source as claiming that one of the co-owners of Core Group is Albanian Jeton Sadiku, who is also a co-owner of a factory in Vushtri (Vucitrn), Kosova. Blic has had an insight into a letter of intent specifying that Core Group is interested in taking over all three U.S. Steel’s plants in Serbia - in Smederevo, Sabac and Kucevo. In the following five years the company would invest USD 500-600 million in the production. No worker would be laid off from those plants, and Core Group even promises to employ new labor.

The letter of intent also reads that Core Group would guarantee the steel sales in the amount of EUR 100 million. That steel would be delivered to its factory in Vushtri (Vucitrn). Last month, SIVA Partners bought 50% of the stake in Core Resources Group. Mr. Valentino Gurraj CEO of Siva Partners, in New York, said to Illyria newspaper that “Siva Partners and Core Group are in the process of closing the deal and acquire Zelezara Smederevo steelworks.”