Sat, Jul 04 2009

Austria's Voestalpine freezes 5B euro Black Sea project, Sisecam wavering

Fri, Dec 19 2008 18:28 CET bydnevnik.bg 114 Views

Austria's leading steel mill Voestalpine has put off indefinitely plans to build a new production unit in the Black Sea region, Reuters reported.

The news was announced by the company's spokesperson, Peter Schiefer, who voiced concerns about the slowing economies of the four countries which competed to host the new plant. Schiefer said the steel maker was unlikely to implement its plans in the near future.

The Austrian company planned to build a state-of-the-art steel plant in Bulgaria, Romania, Ukraine or Turkey and make the heftiest investment across Southeastern Europe. The Bulgarian Government pledged to provide a plot in an industrial area near Bourgas Bay and build part of the adjacent infrastructure.

Sisecam, the Turkish glass and chemicals maker, in the meantime, said it would reconsider proceding with its Bulgarian investment programme, Reuters reported.

Turkish glass manufacturer Trakya Cam, a unit of Sisecam, said the second stage of its planned investment in Bulgaria in 2009 will depend on market conditions. The company said in March it would pump a further $415 million into its Bulgarian operations by 2010.

Source: Dnevnik

Write comment

Name: Comment:
Send your comment

More in this category

Cosmote Romania buys rival operator for 3G licence

Mobile operator Cosmote Romania agreed the acquisition of smaller local rival Zapp Mobile for 207 million euro on June 30, after months of negotiations.

Nabucco deal to be signed July 13

The intergovernmental agreement for the Nabucco natural gas pipeline will be signed in Ankara on July 13, it emerged on July 3.

Harnessing the wind

Bulgaria has low taxes, low labour costs and a lot of wind – a good combination for any company seeking to develop wind parks.

Creating a future in IT

On June 5 2009, US ambassador Nancy McEldowney launched the first US-Bulgarian partnership dedicated to Information Technology and Innovation.

In neutral gear

Bulgarian car parts manufacturers have been affected by the recession, but are optimistic about their future.

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.