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US Steel Selling Serbian Operations

U.S. Steel will sell its Serbian subsidiary to the government for a nominal purchase price and record a non-cash charge of up to $450 million related to the sale.

PITTSBURGH (AP) -- U.S. Steel will sell its Serbian subsidiary to the government there for a nominal purchase price and record a non-cash charge of up to $450 million related to the sale.

The sale of U.S. Steel Serbia doo, which is subject to finalization and execution of definitive agreements, is expected to close on Jan. 31, the company said Monday. The company did not specify the exact selling price to be paid by the Republic of Serbia .

The steelmaker expects to record the non-cash charge of $400 million to $450 million in the first quarter of this year. The charge includes the expected loss on the sale and $50 million in currency adjustments related to its net investment in Serbia. 

In premarket trading, shares of U.S. Steel Corp. fell 78 cents, or 2.6 percent, to $29.10.