Russia plans to invest about $165 million through several unnamed companies to revamp the operations of Cuban state-owned long steel producer Empresa Siderurgica Jose Marti, also known as Antillana de Acero.
The Cuban government will invest another $100 million, according to state-run news agency Prensa Latina. The combined investments will be completed in 2025 in two stages, the first of which with investments reaching $111 million.
Antillana de Acero expects to increase capacity to 250,000 mt/year, the state-run news agency said. Another state-run steelmaker, Acinox, plans to increase capacity to 170,000 mt/year. Acinox also will get investment from Russia to improve its equipment.