U.S. Steel to Sell Serbia Plant to Government of Serbia
PITTSBURGH, Jan. 30, 2012 /PRNewswire-FirstCall/ -- United States Steel Corporation (NYSE: X) announced a plan for the sale of U. S. Steel Serbia d.o.o. to the Republic of Serbia for a nominal purchase price, subject to finalization and execution of definitive agreements. 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. The sale is expected to close on Jan. 31, 2012.
Steel Market Update will have more about the U.S. Steel Serbia plant sale as well as comments regarding the company's earnings in our newsletter to be published on Tuesday evening.