{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Fears of local job losses as foreign investors reconsider Balkans' data-url='/boclips/videos/5c54bf50d8eafeecae14232b' data-video-url='/boclips/videos/5c54bf50d8eafeecae14232b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFears of local job losses as foreign investors reconsider Balkans\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eSmederevo - 22 November 20111. Mid of logo \"US Steel\" on side of train carriage2. Pan of train carriages next to the port 3. Mid of worker near rolled metal sheets on train carriage 4. Close of metal sheets being lifted 5. Wide of US...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eSmederevo - 22 November 2011\u003cbr/\u003e1. Mid of logo \"US Steel\" on side of train carriage\u003cbr/\u003e2. Pan of train carriages next to the port \u003cbr/\u003e3. Mid of worker near rolled metal sheets on train carriage \u003cbr/\u003e4. Close of metal sheets being lifted \u003cbr/\u003e5. Wide of US Steel plant \u003cbr/\u003e6. Mid of smoke coming out of chimney \u003cbr/\u003e7. Mid of Smederevo mayor, Predrag Umicevic, in his office\u003cbr/\u003e8. Cutaway of his hands\u003cbr/\u003e9. SOUNDBITE (Serbian) Predrag Umicevic, mayor of Smederevo:\u003cbr/\u003e\"The fact is that all countries in the region have certain problems. The current situation in Greece and Italy has a major effect on the market in the region. The US Steel plant is oversized for the Serbian market. With 2.4 (m) million tons of the possible production per year, Serbia consumes around 260 thousand tons which is just over 10 percent. We look for jobs on the external market such as Turkey, Italy, Romania, and other countries in the region.\"\u003cbr/\u003e10. Cutaway Serbian and EU flags\u003cbr/\u003e11. SOUNDBITE (Serbian) Predrag Umicevic, mayor of Smederevo:\u003cbr/\u003e\"The US Steel plant cannot be completely closed. The US Steel plant is dominant on this market. The closure of the factory's production would be a huge problem, not only for Smederevo, but for the whole country.\"\u003cbr/\u003e12. Cutaway showing Umicevic's hand\u003cbr/\u003e13. SOUNDBITE (Serbian) Predrag Umicevic, mayor of Smederevo:\u003cbr/\u003e\"The local authorities will try and reduce a pollution tax which is really high at the moment, around 200 (m) million dinars (2.6 (m) million US dollars), and we are looking at the solutions which will be acceptable for both sides. We also lowered a Danube river docking fee. The local taxes which local authorities can reduce is something that we can help with at the moment and find some sort of compromise.\"\u003cbr/\u003e14. Various of people on the streets of Smederevo\u003cbr/\u003e15. Mid of people queuing in front of lottery ticket stand \u003cbr/\u003e16. SOUNDBITE (Serbian) Milosav Ralevic, local resident, vox pop:\u003cbr/\u003e\"The fear is huge for the the town and for Serbia. If US Steel makes up 10 percent of the overall of Serbia's exports that is a huge percentage and it is normal then that people are anxious.\"\u003cbr/\u003e17. Mid of people walking in the street \u003cbr/\u003e18. SOUNDBITE (Serbian) Biljana Andrejevic, local resident, vox pop:\u003cbr/\u003e\"If US Steel stops, the whole town will stop. US Steel is about the only thing that works here. I just hope that they will find a compromise and that the government will help so it can continue to work.\"\u003cbr/\u003eBelgrade - 21 November 2011\u003cbr/\u003e19. Mid of economic analyst Misa Brkic in his office \u003cbr/\u003e20. Close of Brkic working at his laptop\u003cbr/\u003e21. SOUNDBITE (Serbian) Misa Brkic, economic analyst:\u003cbr/\u003e\"Serbia and the region are no longer attractive for foreign investors and no longer competitive on the market. Many investments stopped in the region and moved somewhere else. If the Serbian steel plant was closer to China, US Steel would not be thinking of closing.\"\u003cbr/\u003e22. Close of Brkic working at the computer\u003cbr/\u003eIn the Serbian town of Smederevo, residents are reeling over news that one of the country's biggest investors may shut down a local steel plant which accounts for nearly 10 percent of Serbian exports.\u003cbr/\u003eResidents and officials alike have become increasingly anxious after a financial report was released by Pittsburgh-based steel giant US Steel, stating that its plant in Smederevo is losing tens of (m) millions of dollars.\u003cbr/\u003eUS Steel Serbia employs over 5,400 people and is almost the main source of income for the 100-thousand residents of Smederevo.\u003cbr/\u003eSerbian officials have been left stunned by the possibility that the plant could shut down production due to operating losses that amounted to 73 (m) million US dollars for the first nine months of this year, compared to a six (m) million US dollar operating profit for the same period last year.\u003cbr/\u003eSmederevo Mayor Predrag Umicevic said closure \"would be a huge problem, not only for Smederevo, but for the whole country.\" \u003cbr/\u003eLocal residents said they were also worried about mass layoffs at the plant. \u003cbr/\u003e\"If US Steel stops, the whole town will stop,\" one woman said. \u003cbr/\u003e\"US Steel is about the only thing that works here. I just hope that they find a compromise,\" she added.\u003cbr/\u003eAlthough US Steel's chairman, John Surma, has not said the company will pull out, he did say the company were \"evaluating all options.\"\u003cbr/\u003eSurma said the disappointing economic news reflected the \"difficult economic situation in Europe\" and cited an anaemic regional economy, high raw materials costs, pressure from imports, and Serbian customers who can't pay as the causes of the problem.\u003cbr/\u003eUmicevic has promised that local authorities will reduce pollution taxes and Danube river docking fees for the factory to reduce its production costs, and appealed to the government to cut steadily growing state income tax rates.\u003cbr/\u003e\"We are looking at the solutions which will be acceptable for both sides,\" Umicevic said.\u003cbr/\u003eBut prominent Serbian economic analyst Misa Brkic said the town's fears were indicative of a greater problem felt across the region; increasing signs that major foreign investors, previously attracted by central and eastern Europe's cheap labour and lower production costs, are thinking of quitting the region or scaling down production, as markets shrink in the global economic crisis and competition from Asia rises.\u003cbr/\u003e\"Serbia and the region are no longer attractive for foreign investors,\" Brkic said. \u003cbr/\u003e\"If the Serbian steel plant was closer to China, US Steel would not be thinking of closing.\"\u003cbr/\u003eIn other former communist states, thousands of layoffs have been carried out over the past year due to foreign companies shutting down or scaling back operations.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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