"Today’s groundbreaking ceremony for the new plant is not only a milestone for our group and Kapfenberg as a location, but also a positive signal for European industry, as this is the first investment in a completely new steel plant in decades,” said voestalpine chairman Wolfgang Eder.  

“This investment provides voestalpine with a global technological lead and cost advantage in manufacturing high-performance steels, and allows us to remain globally competitive over the long term, even when producing at a traditional European location."

Designed to produce about 205,000 metric tons annually, the plant is to be completed in 2021. It will make sophisticated grades for the aviation and automotive markets and the oil and gas sector.