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voestalpine to build new special steel plant in China

The technology and capital goods group voestalpine is again driving forward its activities in the promising Asian market. The Special Steel Division, the Group’s special steel sector, signed a Letter of Intent to cooperate with Chinese foundry Kocel Machinery Company Limited. Over the next few years voestalpine will invest around EUR 140 million, constructing a new plant which will produce premium special steel products for the Chinese market. Construction is scheduled to start in 2015, and the new company will create 400 jobs.

The voestalpine Group is expanding its special steel activities in the promising Chinese market, targeting the Chinese premium market with its EUR 140 million investment in Yinchuan (Ningxia province). Working together with local company Kocel Machinery Company Limited, the new special steel plant is scheduled for completion by the end of 2017. It will produce highest-quality tool steels and forged materials for the automotive, consumer goods, and mechanical engineering industries.

Mr Franz Rotter, Member of the Management Board of voestalpine AG and Head of the Special Steel Division said that “This investment is another important step in fulfilling our internationalization strategy. We can set new standards in China with our know how, particularly in the premium special steel segment, and extend our leadership position in the high-alloyed tool steel sector further.”

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