Austrian steelmaker voestalpine has announced that it will invest €100 million in further development of hot dip galvanized high-strength steel originally developed by the company itself in 2002 for lightweight construction of car body panels.
Voestalpine expects to double its sales for the automotive industry in the next few years. The company's current turnover in the automotive industry is at €1.1 billion. Voestalpine stated that the technology in question can reduce weight, and therefore fuel consumption, while significantly enhancing passenger safety.
The company will display a "revolutionary enhancement" of the product at the Geneva Motor Show to be held on March 8-18.