Halyvourgiki to strengthen position in steel sector in 2007

Halyvourgiki's investment plan, which reaches a total of 220 million euros, confirms the leading role of the company in the Greek economy, as well as its reputation as a world-class steel maker. The investment plan, which was initiated back in 2002, is comprised of two phases. The first phase, an investment of 150 million euros, was realized during 2004, when a new state-of-the-art melt-shop and a new rolling mill for long products - the most modern in the world - became operational. The second phase of Halyvourgiki's investment plan of a total amount of 70 million euros - and realized in record time considering that the signing of the relevant contracts took place in the beginning of 2005 - relates to the installation of a second long products rolling mill, as well as two new units for mesh production of a total capacity of 150,000 tonnes. Halyvourgiki's new state-of-the-art rolling mill, which will become operational during November 2006, will increase the company's annual capacity by 500,000 tonnes. It is expected that the synergies, which will incur from the full utilization of the two rolling mills of the steel works at Elefsis, will boost annual capacity to more than one million tonnes. The supply, installation and the start up of the equipment at Halyvourgiki's second rolling mill was contracted on a turnkey basis to the Italian top class steel making equipment manufacturer, Danieli.