Voestalpine opens new production site in China

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.