HELSINKI (AP) -- The world's second largest stainless steel maker, Outokumpu Oyj, says it will invest euro544 million ($650 million) in expanding steel production in Sweden and ferrochrome production in Finland.
The Finnish metals group plans to spend euro440 million to double ferrochrome production at a plant in northwestern Finland and a mine nearby.
Outokumpu said Wednesday that the ferrochrome market has "high-growth expectations and rising demand especially in China."
The company estimates that another euro104 million investment at the plant in Degerfors will increase stainless steel production there by 30 percent.
Outokumpu is based in Espoo, near the Finnish capital, and employs 7,500 people in some 30 countries.