Kazakh investor QazSpetsSteel LLP will invest $587 million in the construction of a new steel plant in the Aktobe region of Kazakhstan, according to a statement from the Kazakh government. The plant is expected to completely remove the dependence on foreign suppliers for production of billets and rebar.
The plant will have an annual production capacity of 800,000 mt of billet. At full capacity, the plant will employ 1,500 people. The construction dates for the plant have not been specified.
The new plant will provide Kazakhstani manufacturers with blooms and billets for the production of rails, railway wheels and construction fittings, eliminating imports of billets worth a total of $990 million per year.
