Russia’s Rosneft, UMMC create JV to sell steel to Zvezda shipyard

MOSCOW, Dec 1 (PRIME) -- Russian state-owned oil major Rosneft and Ural Mining and Metallurgical Company (UMMC) have created joint venture Eastern Mining Company that will become an anchor supplier of rolled steel to the Zvezda shipyard, Rosneft said in a statement on Thursday.

Rosneft will own 25% in the joint venture, while UMMC will own the remaining 75%. The venture is to ensure supplies of rolled steel to Zvezda and to start development of feasibility studies for options of improving production capacities and implementation of other investment projects in mining and metallurgical sectors of Russia’s east, Rosneft said.

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