Experts welcome Serbian steel buy

A Chinese steelmaker's purchase of a Serbian counterpart will help raise employment and boost profits as global steel assets drop in value, said experts.

China's Hesteel Group (formerly known as Hebei Iron & Steel Group) signed a 46-million-euro ($52 million) agreement on Monday to buy the loss-making Serbian steel plant Zelezara Smederevo, according to Reuters.

Serbian Prime Minister Aleksandar Vucic said that the deal will noticeably boost the country's economic growth. The Serbian mill registered an output of 875,000 tons last year, with losses of $113 million.