New auto steel plant to be commissioned in St. Petersburg in autumn 2010

It is reported that in autumn 2010, Intercos-IV, a subsidiary of Russian steel producer Magnitogorsk Iron and Steel Works (MMK) specialized in design and manufacturing of dies and molds for the automotive industry, will commission the first phase of its steelmaking plant for the production of auto steel on the grounds of Izhora Plants, St. Petersburg. The investments in the first phase of the project are estimated at about Ruble 4 billion (about $133.3 million).
 
The second phase of the facility will be commissioned in 2011, while the total investment in the overall project, including the building and commissioning of the plant, is expected to reach about Ruble 11 billion (about $366.4 million). Other details have not been disclosed.