Serbia to buy back loss-making US Steel plant

BELGRADE, Serbia (AP) — Serbia's government has agreed with U.S. Steel to buy back its loss-making plant in the Balkan country for a symbolic $1, with a goal to avoid its closure and the layoff of 5,400 of its workers, the prime minister said Friday.

Mirko Cvetkovic said the formal agreement with the Pittsburgh-based giant will be signed next Tuesday. There was no immediate confirmation from U.S. Steel, which bought the plant in Smederevo, about 60 kilometers (37 miles) southeast of Belgrade, for $33 million (euro25 million) in 2003.

U.S. Steel Serbia — the Balkan country's largest single exporter accounting for about 10 percent of its exports with $35 million (euro27 million) …