Vitkovice to make CZK 800 million investment in 2006

Vitkovice to make CZK 800 million investment in 2006

Czech steelmaker Vitkovice Steel announced plans to double investment in 2006 to CZK 800 million ($33.2 million). The company also indicated that CZK 600 million ($24.9 million) of the planned investment in 2006 will be spent for technological upgrades, which will enable the company to produce higher quality steel. The company will fund its investment in 2006 through its own sources. Vitkovice Steel expects its 2005 sales and profit to increase 30 percent from the figures recorded in 2004. As previously reported by SteelOrbis, Russian Evraz Group acquired Vitkovice Steel last month for CZK 7 billion ($290 million).