Along a potholed road on the outskirts of the central Serbian city of Smederevo stands a gargantuan steel mill that is emblematic of the country’s economy.
Just visible on the Zelezara Smederevo plant under a thick patina of rust-coloured dust are the words “Serbian Pride”, emblazoned on the building when it was owned by US Steel. In the wake of the 2008 global financial crisis, the company sold the lossmaking plant back to the Serbian government for $1.
Since 2016, when Hebei Iron & Steel Group bought the business for €46m in one of China’s biggest investments in Serbia, it has formed the foundation of what the Balkan country’s nationalist president Aleksandar Vucic calls the “steel friendship” between Belgrade and Beijing.
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