Russia’s Ministry of Economic Development is ready to provide financial support for 29 investment projects out of 76 offered by the Ministry of Industry and Trade regarding import substitution, according to Russian media.
The biggest part of these investment projects approved by the ministry belongs to the aluminum producer Rusal and the steelmaker Mechel. The Ministry of Industry and Trade stated that these investment projects are to provide import substitution in areas that currently depend on imports, including production of high-alloy and stainless steels.