Mr Wolfgang Eder CEO of the Austrian steel company voestalpine underlines to stay in Austria as long as possible.

Mr Eder explains that voestalpine will not leave Austria and Europe in the short or medium term. He added that "We will stay in Austria and in Europe as long as possible."

However, Mr Eder underlines that the industrial sector has no easy task in Europe. He said that "If Europe does not cut costs sustainably in the next ten or fifteen years, it will become really, really difficult."

voestalpine has celebrated the ground breaking ceremony for a new coking plant at the main site in Linz in Austria. The investment totals about EUR 154 million.

In the past, Mr Eder reaffirmed that the EU should start a controlled reduction of the European steel production. Mr Eder wants the European steel industry to downsize drastically. Moreover, the steel industry should consider shutting down a part of its steelworks.

Mr Eder thinks that the European steel industry should cut its current annual capacity of 210 million tonnes by 25%. The current demand would only amount to 160 million tonnes.

He said that "If the downsizing should be socially acceptable, it should be initiated soon. In the next 20 years, Europe's steel industry will shrink by 50%."

Source - Friedl Business Information

(www.steelguru.com)