The Korff steel mills of West Germany have bought a 50 percent interest in the Israeli “Steel City” controlled by Koor industries, in the industrial zone on Haifa Bay near Acre, it was announced yesterday. The partnership agreement, signed in Baden-Baden, will further the expansion and modernization of the Israeli steel plant. The present output of 130,000 tons of steel per annum will be increased to over 200,000 tons by replacing two obsolete Siemens furnaces with two electric are furnaces which convert scrap and pig iron into steel.
The new furnaces will have a capacity of 45 tons every 68 minutes. The plant will be supervised by the Korff engineering company of Dussel-dorf. The expanded plant will require only 550 workers compared to the present 650. About 100 workers will be shifted to other jobs.
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