Zelezara publishes call for new management

Zelezara publishes call for new management

BELGRADE -- Zelezara Smederevo issued a public call in Belgrade-based daily Politika on Friday for a new management open until March 6.

Until that date Zelezara will maintain the current monthly production capacities at 30,000 tons of steel, Tanjug reported.

The steel maker invited "all interested domestic and foreign entities to submit proposals for cooperation and concluding of a management services and business advisory contract."

The decision to issue a public call for a new management was made by the Serbian government on February 17 after the failed talks on strategic partnership with U.S. company Esmark.

Boris Milosevic, privatization advisor for recapitalization of Zelezara Smederevo, stated for Radio and Television of Serbia on Thursday evening that Zelezara's working capital stands at USD 170 million and its capital in spare parts amounts to USD 30 million.

Zelezara lacks USD 60-90 million in working capital and around USD 20 million to fire up its second blast furnace.

Zelezara employs around 5,000 people, presently it produces between 340,000 and 350,000 tons of steel and its production capacities stand at around 2.2 million tons.