In keeping with its plan to expand outside of Europe and produce more high quality steel and speciality steel products, Austrian steel company Voestalpine has announced a EUR1 billon spending spree over the next three years.

The company intends to increase its annual revenue from its year-end March 2013 figure of EUR11.5 billion to EUR20 billion by 2020.

While most of Voestalpine’s current revenues (72%) come from within the European Union, 28% is from markets in North America, Asia and Brazil and CEO Wolfgang Eder wants to increase the company’s income from outside of Europe, claiming that growth can only come from emerging markets.

The plan is to open at least 15 new plants in China and triple Asian revenue to more than EUR2 billion. Last year, Asia accounted for just 6% of revenue, but the plan is to boost it to 10% while increasing US income to 15% from it’s current 8%. Plans are well advanced for a EUR550 million steel plant in Texas.

According to Eder, Voestalpine will use its own cashflow to fund growth.