* Plans no job cuts or plant closures
* Sees 200 million euro contribution to profits
* Shares rise more than 5 percent
(Adds details and background)
VIENNA, March 18 Austrian steelmaker Voestalpine
aims to save 900 million euros ($1.3 billion) over
three years via an efficiency programme it announced on Tuesday.
It said cuts would affect all four of its divisions but did
not envisage reducing staff or closing plants.
The plan was more ambitious than the market had expected,
sending the company's stock up 5.7 percent to 32.115 euros by
1300 GMT, the biggest gainer in a flat STOXX Europe 600 basic
Analysts said last month the company had flagged a two-year
cost-savings plan that they expected to be worth around 500
Voestalpine, which is battling steel market oversupply and
weak demand from the energy sector, had told analysts on a
conference call it would most likely announce such a plan in the
second half of March.
Voestalpine's latest 620 million euro savings scheme is
coming to an end.
($1 = 0.7180 Euros)
(Reporting by Alexandra Schwarz-Goerlich; Writing by Michael
Shields; Editing by David Evans and David Holmes)