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Gustav Wolf to build steel-wire factory in Hungary

German steel-wire manufacturer Gustav Wolf will build a €3.5 million wire factory at the industrial park in the city of Miskolc, CEO Ernst Wolf of the company's Hungarian unit, Miskolci Drótgyár Kft, said.

Wolf said that the company expects to launch production of steel strands used in the manufacturing of motor-vehicle tires at the 2,000-square-meter factory in 2012 or 2013.

The company will initially employ 50 workers at the new factory and hire more employees later.

Gustav Wolf expects the plant to generate turnover of €6 – 10 million per year.

The company will be the third wire maker located in Miskolc in addition to the Hungarian company Fux and D@D, majority owned by the Czech Trinecke Zelezarny.