Linz, Austria-based voestalpine said Wednesday that by 2012, the group is planning to increase its global revenue to €20 billion (US$26 billion) and no less than €2.5 billion (US$3.3 billion) should be available for its North American activities. Additionally, voestalpine noted that it is currently investing €550 million (US$719 million) in a new direct reduction plant in Corpus Christi, Texas. When fully operational, the plant, with around 150 employees, will produce 2 million tons of HBI.
"We examined a total of 17 sites in eight countries for this project, the largest foreign investment in the Group's history to date. In the end, Texas was the most convincing in terms of all the key criteria, including logistics, energy supply, a well-educated workforce, and the political environment," explained Wolfgang Eder, Chairman of the Management Board of voestalpine AG. "This investment also provides the voestalpine Group an additional growth option in North America in the long run," Eder added. "The fact that, as an industrial enterprise with a vision for the future, we were welcomed with open arms also played a role in deciding in favor of this site," said Eder. "It would have been impossible to build a comparable plant in the European Union, not least because of a lack of competitiveness in terms of operating costs." Voestalpine is currently also investing €50 million (US$65 million) in a plant for high-strength automotive body parts and components for premium car brands in Cartersville, Georgia.