December 18 (SeeNews) - Austrian steelmaker voestalpine said on Thursday it has put on hold plans to build a 5.0 billion euro ($7.15 billion) steel plant in the Black Sea region on recession fears.
"The decision regarding the possible location has been deferred indefinitely in view of the recessive development anticipated in 2009 and beyond this the uncertainty for the cyclical trend for subsequent years," the company said in a statement.
The steelmaker was considering four locations for the flat steel products plant with a 5.5 million tonnes capacity - Bulgaria, Romania, Ukraine and Turkey - which it said will be examined again on reactivation of the project.
The company will also abandon already undertaken steps to secure a potential site in Romania's largest Black Sea port Constanta, in the southeast of the country.
"As the decision has been postponed indefinitely securing of the land will not be pursued any further and the options acquired will not be exercised by voestalpine," it added.