It is the fourth autonomous community with the greatest capture of foreign resources after Madrid, Catalonia and Navarre. | Arcelor Mittal provided 96% of the investment volume during the first half of the year.
Asturias has become the autonomous community with the fourth greatest power of foreign resource capture and the second region in terms of foreign investment growth during the first half of the year. This backdrop places Asturias just behind Madrid, Catalonia and Navarre in investment capture capacity, in a privileged position on the national scene. The amount of this investment reaches 287.81 million euros, in other words, representing 4.28% of the total capital that entered Spain between January and June in 2016.
The main reason behind this privileged position of Asturias compared to the other regions, is the investment made by Arcelor-Mittal in Asturian factories. The international firm injected around 277.60 million euros into Asturias during the first months of the year, mainly aimed at a modernisation, remodelling and maintenance plan for the various facilities in the region, which are crucial, as indicated by the online newspaper La Nueva España, for the company’s production structure. The productive units that will benefit from this investment will be its LD-II steel plant, in the factory in Corvera-Aviles; and the coke batteries, blast furnaces, continuous rail mill and wire rod rolling mill, in the plant located in Veriña-Gijon.
Arcelor Mittal and Asturias
Without a doubt, Arcelor Mittal is the main iron and steel producer on a global level. The firm, present in the main European countries, has chosen Asturias as the location for its only iron and steel plant in Spain, where the entire steel production process is carried out. In fact, each year it produces a quarter of the steel manufactured in Spain.
The firm has a lot of weight in the region. It is responsible for a direct, indirect and induced contribution of 12% of the region’s gross domestic product (GDP).