Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that it has agreed with Russia’s largest automotive corporation KAMAZ to sign a three-year agreement which will define base prices for high-quality long steel products (SBQ steel) produced by Metalloinvest's subsidiary Oskol Metallurgical Plant (OEMK) and set the share of rolled products purchased by KAMAZ from OEMK.
According to Metalloinvest, OEMK shipped over 40,000 mt of high-quality long steel products to KAMAZ in 2016. Currently, over 50 percent of the high-quality long steel products produced by OEMK are purchased by KAMAZ and the two companies plan to increase this figure to 80 percent in 2018.
Metalloinvest also stated that it is implementing a comprehensive program to develop its SBQ steel production and sales, as part of which measures are being introduced to expand collaborative projects with key clients, including developing new steel grades in line with their requirements.