Chinese company buys stake in RussiaТs Amurmetall plant - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Chinese company buys stake in RussiaТs Amurmetall plant

KHABAROVSK, Feb 8 (PRIME) Ц The Torex group of companies, the owner of the only steel producer in RussiaТs Far East Amurmetall, has agreed to sell an unspecified stake in the plant to Hong Kong company Debang Guangdong International, Pavel Balsky, chairman of Torex board of directors, said in a news conference on Thursday.

УOur Chinese partners and we have reached an agreement, under which they will buy a stake in our company, enter our shareholder capital, and undertake obligations to attract a large amount of cheap long-term money. They will bring new technologies to us, and we plan to raise the plantТs steel production capacity to 5Ц10 million tonnes a year in the next five to 10 years,Ф Balsky said.

In January, the two companies signed a letter of intent to create a metals cluster basing on capacities of Amurmetall. Yao Xiaodong, chairman of Debang Guangdong, said that that a 10-year plan of the consortium include output of 30 million tonnes of metals products per year and establishment of a production and sales chain that will comprise production of raw materials, constant operation of smelters, production of finished products and export sales.

Balsky said that the sale of the stake to the Chinese company will not affect domestic supplies of the plant. УThe Chinese plan to produce high-added value products and export them to their traditional markets of Southeast Asia. We will continue working for the internal market as we did before,Ф he said.


08.02.2018 10:04
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 71.5973 +0.2483 25 jun
USD 62.9095 -0.2200 25 jun
Stock Market Indices
1D 1W 1M 1Y
rtsi 1387.06 +0.88 18:50 24 jun
micex 2762.65 +0.05 18:50 24 jun
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 232.38 +1.44 18:49 24 jun
lkoh 5270.00 -1.27 18:49 24 jun
rosn 416.45 -0.63 18:49 24 jun
sber 239.09 +0.45 18:49 24 jun
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 71.6850 +0.1250 14:59 24 jun
USDTD 62.9175 -0.2325 17:44 24 jun