Austria-based steelmaker
Voestalpine has announced that its group strategy to increase its sales to €20 billion by 2020, from the current levels of €12.1 billion, has been approved by the company's supervisory board. The sales revenue target of €20 billion represents a 5.7 percent growth per year.
Voestalpine stated that there are no plans to add new steel capacities in the future. However, the steel division sales will improve by roughly 30 percent over the long term.
The steelmaker will also build a direct reduction plant in North America which will help the company's European steel plants to reduce costs by supplying them hot briquetted or direct reduced iron as a substitute for iron ore pellets.
According to
Voestalpine's statement, the company is also focusing on acquisitions as well as investing in new locations and the technological expansion of existing plants.