Finnish stainless steel maker Outokumpu invests euro550 million in Swedish unit
Finnish metals and technology group Outokumpu Oyj said Monday it will invest euro550 million (US$760 million) to more than double stainless steel production in Sweden.
By Agencies |
HELSINKI: Finnish metals and technology group Outokumpu Oyj said Monday it will invest euro550 million (US$760 million) to more than double stainless steel production in Sweden.
The investement, due to be carried out over three years, will increase annual output at Avesta Works from 250,000 tons to 650,000 tons by 2010, the world's second-largest stainless steel maker said.
The production will center on high-strength duplex stainless steel, which has a lower nickel content.
``Demand for duplex grades grows faster than that of standard stainless grades. Annual growth is estimated to be over 20 percent,'' Outokumpu said.
The company said it has a 50-percent global market share of duplex stainless steel, and the increased output in Sweden will help it become the world's ``number one'' in steel production.
The investement, due to be carried out over three years, will increase annual output at Avesta Works from 250,000 tons to 650,000 tons by 2010, the world's second-largest stainless steel maker said.
The production will center on high-strength duplex stainless steel, which has a lower nickel content.
``Demand for duplex grades grows faster than that of standard stainless grades. Annual growth is estimated to be over 20 percent,'' Outokumpu said.
The company said it has a 50-percent global market share of duplex stainless steel, and the increased output in Sweden will help it become the world's ``number one'' in steel production.
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