The Russian steel producer Evraz Group has decided against the implementation of the large diameter pipe plant construction project at its subsidiary Nizhny Tagil Iron and Steel Works (NTMK), NTMK's managing director A. Kushnarev said, adding that in recent years a sufficient number of similar facilities have already been commissioned in Russia. This project was initiated in cooperation with Russia's biggest gas company Gazprom in 2001 and was estimated to be worth $750-900 million.
On the other hand, Mr. Kushnarev said that the company is ready to examine the issue of the construction of a new plate mill at NTMK, the products of which may be in demand in the bridge and ship building sectors. Currently, almost all plate used in shipbuilding in Russia is imported from Germany and Japan.
As SteelOrbis previously reported, NTMK has increased investments in its expansion projects in 2010 to Ruble 5 billion (about $167 million) from Ruble 3 billion (about $100 million) in 2009, with the money in question to be spent on the reconstruction of its production facilities, including the construction of a second new oxygen converter shop with a 3.0-3.5 million mt capacity.
In addition, in mid-2010 NTMK plans to start the production of rails at its modernized rail and beam shop.