After several failed attempts, Serbia has managed to sell its loss-making steel plant in Smederevo to Chinese company Hebei Iron & Steel Group .
The contract worth 46 million-euro was signed Monday by Serbian Economy Minister Zeljko Sertic on behalf of the Serbian government and the Chinese company president Ju Jong.
"Today is a great day for all of all and for the workers of the Smederevo steel plant," Serbian Prime Minister Aleksandar Vucic said. The Serbian government had struggled for years to find a buyer.
The ceremony was broadcast live on Serbian state television, days ahead of an early general vote.
The Serbian government on April 5 accepted the Chinese offer for the purchase of the steel plant.
The new owner is expected to fully take over the Smederevo steelworks "Zelezara" after a two-month transitional period.
Zelezara is the main employer in the area of the town of Smederevo, some 50km north of Belgrade on the Danube River.