(Reuters) – Greek industrial group Mytilineos will finalize a $400 million investment in its home country next month, which it says will make it Europe’s biggest alumina producer.

Despite Greece’s crippling recession between 2008 and 2016, which shrank the economy by a quarter, Mytilineos, whose businesses range from metals production to building power plants, has fared well thanks to overseas expansion and spending hundreds of millions of euros on new equipment to halve production costs.

“We hope to start building the new alumina plant … with an (annual) capacity of 1 million tonnes in 2018,” Chief Executive Officer Evangelos Mytilineos told Reuters in an interview on Thursday.

The group already operates an alumina refinery in central Greece with an annual output of 820,000 tonnes.

Mytilineos said the company will finalize any investment decision with a view to a 12-member executive committee and the CEO jointly signing off on it at a meeting on Dec. 22.

“It will be a landmark investment, making us Europe’s top alumina producer,” he said.