The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has announced that the construction of its new stamping plant and new service center in Kolpino in the Leningrad region is to be finished ahead of schedule.
According to MMK's president Victor F. Rashnikov, the construction of the stamping plant is to be finished by the end of the current year. The company plans to begin delivery and assembly of equipment at the plant in February 2009 and to launch its production operations by the end of 2009.
The new service center is expected to process more than 250,000 mt of rolled steel products per year. Its products are to be delivered to the construction, machine building and shipbuilding sectors and to other customers in the Saint Petersburg and Leningrad region.
The total investment in the project will amount to about €300 million.
The aim behind the construction of the new facilities is to create new stamping production for automobile body components, subassembly for automobiles and components for white goods.