01 October 2008 Bucharest _ Romania’s government is to sign on Wednesday a memorandum of understanding with Austrian steel mill Voestalpine for starting the evaluation of a future €5 billion steel plant.
The memorandum sets out the obligations for both sides provided that the investor chooses Romania for its project.
The agreement also states that Voestalpine will use the latest environment friendly technology and employ no fewer than 4,500 people.
Together with Bulgaria, Turkey and Ukraine, Romania is being evaluated by the Austrians as a potential location for its investment.
Romania authorities are keen to demonstrate that the Balkan country remains an attractive investment location for international businesses.
Voestalpine is expected to make its final decision on the location of the new plant by the end of 2008.