Austria-based steel producer
voestalpine has announced that it has opened its 22nd production site in
China today, Wednesday, May 14.
China-based
voestalpine Profilform, a subsidiary of
voestalpine's Metal Forming Division, will produce and process high-quality steel pipes and sections for agricultural and construction machinery manufacturers and for international automobile manufacturers and automotive suppliers. The plant, which will create 50 new jobs, represents an investment of €20 million.
Voestalpine already has 2,200 employees in
China and generates revenue of €220 million.
In the business year 2012-13,
voestalpine already generated €710 million in Asia, accounting for six percent of the company's total revenue. The company anticipates that by the end of 2020 this figure will triple to around €2 billion. The planned investment volume is between €400 and 500 million.