Voestalpine abandons securing land in Romania

Voestalpine decided to frozen the evaluation project for examination of a new steel site on the Black Sea in view of the recessive development anticipated in 2009 and beyond this the uncertainty for the cyclical trend for subsequent years.

According to the steel company, the four possible locations in Bulgaria, Romania, Turkey and Ukraine, which were identified during the evaluation project, will be examined again on reactivation of the project.

“The activities started during the course of securing a potential site in Constanta (Romania) will be abandoned. As the decision has been postponed indefinitely securing of the land will not be pursued any further and the options acquired will not be exercised by Voestalpine”, says the company’s press release.

Voestalpine operates one of the most energy-efficient, environmentally friendly steel plants in Europe at its site in Linz. This steel plant has been developed in the last few years with investments of approximately EUR 3 billion, a further expansion would run into limits in terms of space. Thus the construction of a “twin” steel plant on the Black Sea with a capacity of approximately 5 million tons of high quality steel products a year has been under consideration since September 2007. The decision has now been postponed indefinitely due to global economic slowdown and the recessive development to be anticipated in Europe.

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