August 22, 2008

Sidenor to invest EUR 40 million on new steel micro mill

Thomson Financial reported that Greek metals company Sidenor will be investing about EUR 40 million to acquire and install a new state of the art rolling micro mill for long products from Italy's Danieli SpA.

Sidenor said that the new micro mill will be installed at its Sovel plant in Volos and allow annual production to increase to 1.2 million tonnes from 0.9 million tonnes. It added that at the same time, energy consumption per ton will be substantially decreased as it eliminates the use of natural gas and the yield is increased.

Sidenor further added that the Sovel plant will be 'one of the most modern mini mills worldwide and along with its port facility, it will strengthen the Sidenor group's position in the Greek and international markets.