The Russian steelmaker Severstal has announced the conclusion of an investment agreement with the government of Russia's Ivanovo region.
The agreement regulates the cooperation of Severstal and the government of the Ivanovo region in the framework of the implementation of Severstal's investment project for the construction of a new longs producing mill in the region, including the assistance of the regional government in granting to Severstal measures of state assistance for investments.
Severstal plans to construct a mini-mill for the annual production of one million mt of longs in the Ivanovo region. The new plant worth Ruble 14 billion (approx. $545.9 million) is expected to come on steam in 2011.