According to the agreement reached, Mitsubishi is to supply equipment for the production of electric resistance welding (ERW) pipes to several Russian companies, the names of which have not yet been disclosed. The first delivery is planned to be made in the second quarter of 2009.
Although Mitsubishi was reluctant to disclose the value of the placed order, market players estimate it to be around Yen 10,000 million ($81.3 million), thus making it the largest deal Mitsubishi has ever concluded with Russian companies.
Commenting on its future plans for Russia, Mitsubishi stated that it is particularly interested in expanding its cooperation with Russia's steel mills.