The Russian company TESO Engineering, specialized in the modernization and construction of steel producing facilities, plans the construction of a new rebar producing mini-mill in Russia's Novgorod region.
The new electrometallurgical plant, to be called Avstal, will have an annual production capacity of 143,000 mt of long steel products for the construction sector, and will use scrap as raw material. The main investors in the project, estimated at Ruble 1.63 billion (about $55.4 million), will be Switzerland-based Teso Steel Holding and Panama-based Metal Assets.
The construction of the new plant is to be started in the second half of 2010, and is to be finished by 2013.