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Vorskla to build €700 mln steel mill in Hungary

  Ukrainian steel maker Vorskla will start construction of a €700 million rolling mill in the Hungarian city of Fényeslitke in the first half of 2009, managing director of Vorskla’s Hungarian unit Bertalan Szentpéteri told MTI.

The preparation phase of the investment has been closed, and Vorskla is now looking for favorable conditions for financing for the project, Szentpéteri said.

The plant will take two and a half years to build. First, a hot-rolled mill with annual capacity of 3 million tons will be built. Later, capacity of the mill will be expanded to a yearly 5 million tons of hot-rolled and 1 million tons of cold-rolled product. (MTI-Eco)