Slovak billionaire reportedly seeks to acquire U.S. Steel's Kosice plant

The company Moravia Steel owned by the Slovak, Prague-based billionaire Tomas Chrenek has a reportedly strong interest in acquiring U.S. Steel's plant in Kosice, Korzár daily has reported. Several talks have reportedly been held with the plant's current owner on the possible transaction, but the two parties have failed to strike accord on the price, according to the daily. Since November, Chrenek's company Agel has been managing the Košice-Šaca hospital, which treats many employees from U.S. Steel. This 'synergistic effect' is reportedly why Chrenek is seeking to acquire the plant, which was known as VSZ or Eastern Slovak Ironworks until US Steel purchased it 15 years ago. "We don't publish official statements on acquisitions until the respective companies agree on entering into a contract or acquisition", said the spokesperson for Moravia Steel group Petra Jurásková. Meanwhile, Korzár reported last week that U.S. Steel in Kosice is looking at a plan to lay off up to 15 percent of its workforce, or more than 1,500 workers, as the Americans allegedly want to focus on their domestic operations, which are currently facing stiff competition from cheap Chinese steel, leading U.S. Steel to cut production.