The Romanian Government and Voestalpine Stahl will sign a memorandum on Wednesday afternoon for the construction of a siderurgic plant in the Black Sea area, an official governmental release informs.

At the beginning of September, Voestalpine signed a similar memorandum with the Bulgarian government. The company plans to invest up to five billion Euros in a future production facility that will employ 4,500 people. The race to host the project is between Romania, Bulgaria, Turkey and Ukraine.

However, Business Standard informs that Voestalpine already signed the contract for two pieces of real estate in Romania, with a total of 300 hectares, representing 70% of the necessary surface.

A final decision on the site of the future plant is expected in December.