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Conditions for the Business Area’s main product, water turbines, remained difficult in Austria in 2003. There were only a few modernization, repair, and service projects. Where new investments were concerned, the mini-power sector - involving projects below 10 MW - saw a certain degree of revival, but with the price pressure in this sector being quite strong.
By contrast, the Chinese market was once more characterized by high investment propensity and brisk project activity for turbines.
The market for stock pumps for the pulp and paper industry showed a quite varied geographical development. While demand in Europe remained at a rather moderate level, project activity in China was very brisk, with a lot of new project awards.
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