Alcoa announced a US$83 million (Euro 70 million) investment in a major modernization project at Alcoa-Kofern Ltd., its operations in Hungary. The modernization includes the expansion of flat-rolled mill products capability and related infrastructure, addition of Dura-Bright® aluminum wheel production in Hungary, and launching a new manufacturing operation for airfoil castings. The project will create 200 new jobs at Alcoa-Kofern. Alcoa expects the project to be completed by the end of 2007.