2 Dec '08
Novolipetsk Steel (NLMK) will invest $1.14bn in construction of an electrometallurgical plant in Kaluga, sources in NLMK reported today.
The project is to be fully financed with a loan from state-run Vnesheconombank (VEB).
The plant's projected capacity is 1.2 million tons of fittings and shaped sections and 2 million tons of bar iron a year.
Construction is to get under way by the year end. The plant is to be put into operation in 2011 and reach its full capacity in 2015.