Sat, Nov 21 2009

Austria's Voestalpine freezes 5B euro Black Sea project, Sisecam wavering

Fri, Dec 19 2008 18:28 CET bydnevnik.bg 180 Views

Austria's leading steel mill Voestalpine has put off indefinitely plans to build a new production unit in the Black Sea region, Reuters reported.

The news was announced by the company's spokesperson, Peter Schiefer, who voiced concerns about the slowing economies of the four countries which competed to host the new plant. Schiefer said the steel maker was unlikely to implement its plans in the near future.

The Austrian company planned to build a state-of-the-art steel plant in Bulgaria, Romania, Ukraine or Turkey and make the heftiest investment across Southeastern Europe. The Bulgarian Government pledged to provide a plot in an industrial area near Bourgas Bay and build part of the adjacent infrastructure.

Sisecam, the Turkish glass and chemicals maker, in the meantime, said it would reconsider proceding with its Bulgarian investment programme, Reuters reported.

Turkish glass manufacturer Trakya Cam, a unit of Sisecam, said the second stage of its planned investment in Bulgaria in 2009 will depend on market conditions. The company said in March it would pump a further $415 million into its Bulgarian operations by 2010.

Source: Dnevnik

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