According to a press release from the company, the new argon oxygen decarburization (AOD) furnace will also speed up the production of stainless and special steels, thus freeing up additional capacities for other production programs.

After last year's investment in a new heat treatment line, the latest investment is seen as another major step in optimising the production process in terms of speed and quality as well as reducing the operation's environmental print.

The company's CEO Branko Polanec described the investment as yet another proof of Acroni's continuous aspiration for progress and development. He said they were being supported in these efforts by their owners, which had invested more than EUR 325m in Acroni since entering the group.

As leading producer of thick stainless steel in Europe and third in the world, SIJ Acroni is not resting on its laurels, Dmitry Bochkarev, a member of the SIJ management board, said, adding that the launch of the AOD furnace was part of an extensive development programme at the largest member of the group.

According to him, SIJ has since 2007 invested EUR 650m in modernisation of technological processes.

Today's inauguration ceremony in the town of Jesenice was also addressed by President Borut Pahor, who hailed the investment as a "notable achievement for the Slovenian economy as a whole".

"As one of the biggest employers in Slovenia, SIJ Group importantly contributes to the development of the regions of Gorenjsko, Koroško and Štajersko, where most of its operations are located."