TMK says wants to build 100 bln rbl rolled steel product plant

MOSCOW, Mar 11 (PRIME) -- Russian producer of oil and gas pipelines TMK plans to build a 100 billion ruble plant to produce up to 500,000 tonnes of rolled products from stainless steel in the Volgograd Region, TMK core owner and the chairman of its board of directors Dmitry Pumpyansky said at a meeting with President Vladimir Putin.

Currently, Russia has no plants that produce rolled stainless steel, while the market’s capacity amounts to around 300,000 tonnes.

“Today, our new calculations that take into account the activity of lifting barriers in industrial construction coupled with support measures like a second edition of a special investment contract mechanism and agreements on promotion and protection of investment reduce the time of construction and the payback period significantly,” Pumpyansky said.

“As a result, TMK decided to set up production of rolled products from stainless steel with a capacity of up to 500,000 tonnes in the Volzhsky city of the Volgograd Region, and the Industry and Trade Ministry supports the project. Preliminary investment exceeds 100 billion rubles.”

Production capacities of TMK’s Volzhsky Pipe Plant amount to 900,000 tonnes of steel and 2 million tonnes of pipes per year.

(74.0393 rubles – U.S. $1)

End