United States Steel Corporation announced a plan for the sale of US Steel Serbia d.o.o. to the Republic of Serbia for a nominal purchase price, subject to finalization and execution of definitive agreements.

U.S Steel expects to record a total non cash charge of between USD 400 and USD 450 million in the first quarter of 2012, which includes the expected loss on the sale and a charge of approximately USD 50 million to recognize the cumulative currency translation adjustment related to the company's net investment in Serbia.

The sale is expected to close on January 31st 2012.

USD Steel had purchased the then bankrupt, state owned Sartid steel mill from the Serbian government in 2003 for USD 33 million.