December 16, 2012 / 12:42 PM / 7 years ago

Voestalpine mulls $1 billion U.S. plant: report

VIENNA (Reuters) - Austria’s group Voestalpine (VOES.VI) is considering a plan to build a $1 billion plant in the United States that would convert iron ore into concentrate used in steelmaking, Trend magazine reported.

Voestalpine declined to comment on the report, which was released ahead of publication on Monday.

Trend said the plant was envisioned for a coastal city in the southern United States, given cheap and reliable supplies of natural gas, political stability and efficient port infrastructure.

A source familiar with the situation said such a plan was under consideration but no decisions were imminent.

Voestalpine Chief Executive Wolfgang Eder has been pushing for foreign expansion to help diversify from Europe, where he says political opposition to closing plants is weighing on efforts to address chronic overcapacity in the steel sector.

Reporting by Michael Shields and Angelika Gruber; Editing by David Holmes

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