Austrian Veostalpine Steel Service Center Group will inaugurate its steel factory in Giurgiu, Romania, next week. According to previous information, the factory, which needed EUR 20 million to complete, will have an annual capacity of 130,000 tonnes of coiled steel, which can be doubled if necessary. Production will be distributed internally, as well as in Serbia, Bulgaria and Turkey. The project is part of the steel maker's long term plan to expand Voestalpine Steel Steel Service Center Group in Central and Eastern Europe.

The inauguration will be attended by three members of theVoestalpine board. The factory in Giurgiu event has even got its own road, Voestalpine St.

The factory project announced in 2007 and completed with a one year delay on the initial deadline, received EUR 5 million financing from the European Union, as well as a 14 percent co-financing from the Romanian state.

The Austrian group, which includes 360 companies producing and selling steel products worldwide, ended the 2011/2012 financial year with revenues of EUR 12 billion and an operational profit of EUR 704 million.

editor@romania-insider.com

(photo source: Voestalpine)