Stainless steel maker Outokumpu plans to invest €420M todouble ferrochrome

HELSINKI, Finland : Metals group Outokumpu plans to invest €420 million todouble ferrochrome production in Finland to 530,000 tons a year. The world's second-largest Stainless Steel Good maker says its board hasapproved the move and that the new capacity will be reached by2011. Outokumpu says the plans were sparked by a substantial increase inthe demand for ferrochrome by the stainless steel industry andwould make the company self-sufficient in its chrome needs. Outokumpu Oyj has 8,200 workers in some 30 countries. In recentyears it has divested other production in a move to reach itsdeclared goal of becoming the world's No. 1 stainless steel maker.