VOLGOGRAD, Apr 19 (PRIME) -- Russian steelmaker Severstal has launched construction of a 1 billion ruble new stranded wire rope facility at the Severstal-Matiz plant in Volgograd, the Volgograd Region’s government said in a statement on Wednesday.
“Construction of a new facility for production of special stranded ropes starts here, where a wide range of products for oil and gas companies, the mining industry, the construction sector, and other industries will be made. The combined amount of investment stands at around 1 billion rubles,” the statement read.
The company plans to finish the construction before 2024, and sell the stranded wire ropes in Russia and the CIS countries.
(81.6028 rubles – U.S. $1))
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