The agreement was reached during a meeting between Ruslan Dosmakhanov, director of the Chamber of Entrepreneurs of the Kyzylorda region, with Chinese investor Anhui Masteel Engineering, a subsidiary of Chinese steelmaker Masteel, and with Kazakh partners Abdurashit Omarov and Ruslan Omarov.
As a result of the project, it is planned to produce 1 million mt of steel per year and to create more than 3,000 permanent jobs. The preliminary cost of the project is $800 million. The Chamber of Entrepreneurs will provide a range of legal services and other support service.
Masteel produces 20 million mt of steel per year and is among the top 20 steel companies in the world.