The government of the Ryazan region in European Russia, the administration of the local Pronsky municipal area and Trabikum Limited have signed an agreement regarding the construction of a new steel rolling plant.
The annual output capacity of the new plant will be 2.5 million mt of hot rolled sheet, while the investment will exceed Ruble 47.5 billion ($1.7 billion). Construction of the plant will take place from January 2012 to December 2015, and the plant will be due to come on stream in January 2016.
The new plant is expected to create more than 2,200 new jobs.