MMK signs contracts and loan agreements to continue its modernization

Tuesday, 07 April 2009 09:13:46 (GMT+3)   |  
       

The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that it has signed a number of contracts and loan agreements for the supply of equipment and services and for the financing of its modernization programs.

As part of its hot rolling mill 2500 revamping project, MMK has signed a contract with the Czech-based technology supplier ALTA for the delivery of equipment and erection supervision services, and has also signed a contract with Czech engineering, construction and services company PSG International for construction and erection services.

In addition, another contract with PSG International has also been signed as part of MMK's projects to build its continuous slab caster No. 6 as well as a secondary steel treatment unit in its BOF shop. In order to finance the projects in question, MMK and the Czech Export Bank have agreed on loans for a total amount of $155.5 million.

MMK's continuous slab caster No.6 and the secondary steel treatment unit in the BOF shop are being built as part of the company's plate mill 5000 project. The secondary treatment unit will allow the steel, poured into the continuous caster No. 6, to acquire the characteristics needed to produce plate with up to X120 strength, which is used for the production of large diameter pipes, and will allow an extension of the range of steel grades, especially as regards special steels.

The facilities in question will provide MMK's plate mill 5000 with high quality slab of 190, 250 and 300 mm thicknesses and of up to 2,700 mm in width, thus enabling MMK to set up a complete cycle for production of plate for the pipe sector and for builders of bridges, ships and boilers.

Commenting on the signing of the contracts and on the loan agreements, MMK president Mr. Rashnikov said, "The Russian market remains a priority for MMK. In the current situation, the replacement of imports from foreign manufacturers with domestic products and the raising of the quality of such products have a tremendous importance for the Russian economy. I am certain that the implementation of these projects will allow us to meet the strictest requirements of our customers and will help strengthen MMK's competitive position."


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