“Like many titans, the company is under pressure to increase profits while revenues are declining. Hence the need to cut costs. One solution: offshoring to cheap countries! The company announced in its annual report that it would undertake ‘its largest ever foreign investment – construction of a direct reduction plant,’ not in cheap countries like China or Indonesia, but in Texas.  The plant will employ 150 people. The price of natural gas in the US is ‘about one quarter of the price in Europe,’ the company conceded. It would allow the company to produce low-cost HBI for its plants in Linz and Donawitz and ensure ‘their competitiveness in the long term.'”

http://www.testosteronepit.com/home/2013/7/9/austrian-steelmaker-offshores-production-to-texas.html

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