Voestalpine vide a release has confirmed its plans to postpone USD 7 billion Greenfield steel plant venture

The release said that “It is reported that since summer 2007, Voestalpine Group is thoroughly investigating growth options in its steel division. In this context a green field investment for a new plant for flat steel products in the black sea region is under consideration.”

It added that “But due to the critical condition of the financial markets and the resulting uncertainty on the further development of the global economy the decision on this expansion project initially planned for December 2008 is postponed to the year 2009. A decision in the near future also seems not justifiable given the decisions of the European Parliament on the proposed climate protection rules that are very critical for the industrial base in Europe. Preliminary work for the decision will however continue unchanged.”