Finland-based steel producer Outokumpu has announced that it is planning to invest €420 million to double its ferrochrome production capacity at its Tornio facility in Finland.
With its new investment which is scheduled to be completed in the first quarter of 2011, Outokumpu will increase its ferrochrome output to 530,000 mt a year.
Commenting on the plans, Outokumpu CEO Juha Rantanen said, "We have estimated that, with current prices, the expansion will bring additional annual operating profits in the order of €200 million."
Moreover, the capacity expansion will allow Outokumpu to be "comfortably self-sufficient". On the other hand, company's profit will increase from €10 million to €20 million.