Russia-based Severstal, one of the world's leading vertically integrated steel and steel-related mining companies, has announced that its pipe production unit, the Izhora Pipe Mill (IPM), which specializes in the manufacture of large diameter pipes from strips produced by Cherepovets Steel Mill, part of Severstal Russian Steel Division, is completing an upgrading project worth over RUR 82 million ($2.8 million).
The project includes installation of up-to-date equipment which will help increase production capacity, improve production quality and cut down expenses in the production of large diameter pipes.
Work on the large-scale upgrading project got underway in June last year.
Izhora Pipe Mill's key customers are Russian gas monopoly Gazprom, Transneft - the Russian state-owned entreprise responsible for national oil pipelines, and other oil and gas companies.