Chinese investors to create metals cluster at Amurmetall

KHABAROVSK, Jan 9 (PRIME) -- Torex-Khabarovsk, the owner of the only steel producer in Russia’s Far East Amurmetall, and Hong Kong company Debang Guangdong International signed a letter of intent to create a metals cluster basing on capacities of Amurmetall, the Far East Development Ministry said in a statement on Tuesday.

“The sides plan to start implementation of the project within the framework of existing capacities of the Amurmetall plant with a further upgrade of the plant in order to increase the output of finished products,” the ministry said.

“The production and financial potential of the sides allow them to set up long-term and beneficial cooperation…The consortium’s 10-year plans 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 sales abroad,” the ministry quoted Yao Xiaodong, chairman of Debang Guangdong, as saying.

The company plans to sell Amurmetalls products in Russia and export it to Asia-Pacific states.

Currently, Amurmetall comprises two production lines with an annual capacity of 1 million tonnes of metal products each.

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