Belgian drawn steel wire producer Bekaert Group plans to implement a significant expansion of its activities in European and Asian markets.
Accordingly, Bekaert will increase production of steel wire for the automotive industry at the facility located in Sladkovicovo, Slovakia. With this project, for which the company will spend €40 million, 400 new jobs will be created, to a total of 1,000 workers at the plant.
As SteelOrbis previously reported, Bekaert has recently signed an agreement with the South Korean company Hankuk Steel Wire for the acquisition of a modern plant located in Qingdao, in the Chinese province of Shandong. The value of the acquisition amounts to €30 million.
Bekaert Group has activities in 120 countries in the world and counts a total of 28,000 employees. The company reached a turnover of €4.5 billion in 2010.