U.S. Steel invests $130m in Košice

The Košice plant of U.S. Steel announced plans to invest $130m into technology for the production of high-quality NGO steel for the automotive industry with annual capacity of 100,000 tons. The technology should be launched at the end of 2020. The plant has already closed contracts for the sale of a substantial part of the NGO steel with an unspecified customer. It won’t seek any investment stimuli for the investment since EU rules ban such stimuli for the steel sector. The investment will create some new jobs; it employs 12,000 at present.

In the past, the media wrote about a €1-2bn investment deficit in the plant.

(HN/1)