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Ózd plans major investment

German-owned Ózd Steel Works Rt (ÓAM) will invest Euro 400 million-Euro 500 million and cut workers by 20% in the next 5 years in an effort to turn long-time losses into stable profit, managing director Peter Holzer told daily Népszabadság. The investment will be implemented in three stages: the first, mounted recently, will double the factory's scrap metal storage capacity, next year will see the extension of production capacity, while in the last phase ÓAM will upgrade its production line. The downsizing will affect about 80-90 staff, however, all of them will be sent away with superannuation schemes, Holzer said. ÓAM, which was taken over by the German Max Aicher Group in 1997, has been steadily loss-making for years.