Indian steel producer EurAsia Steel intends to complete within six months the construction of a new €45 million joint venture steel plant in Kutaisi, Georgia.
The new steel plant will produce about 100,000 metric tons of high quality rebar per year, which will cover about 60 percent of Georgia's domestic demand, substituting rebar imports from Ukraine and Turkey.
The construction of the new Indian-Georgian joint venture steel plant was started last year on the site of the former Kutaisi concrete structures plant, and had been planned to be completed by the end of 2008. However, the construction was delayed due to the war in August and also on account of the financial crisis.