Russian pipe producing company United Metallurgical Company (OMK) has announced that, together with its subsidiary Vyksa Steel Works, it has signed a cooperation agreement with the government of the Nizhny Novgorod region in Russia. With this agreement, OMK intends to invest up to RUB 12 billion ($177.36 million) in the development of pipe production in the urban district of Vyksa, Nizhny in the Novgorod region.
OMK stated that the implementation of investment projects will enable it to complement the range of its products for the oil and gas sector and in the long term to create 500 new jobs. The company also stated that, with its investment strategy, it aims to maximize the development opportunities of existing facilities, improving product quality in order to maintain the stability of sales and profitability in difficult market conditions.