A new steel plant to be established in Russia
Russian tube producer Chelyabinsk Tube Rolling Plant has recently completed the deal regarding the takeover of 57.22% stake in Pervouralsk Tube Plant. According to recent news in the market, following this takeover, Chelyabinsk Tube Rolling Plant is planning to conduct a joint project to produce steel. The new plant, which will require an investment of $200 million, will have an annual production capacity of 1 million tons of steel. The project is scheduled to be completed within two years.