Severstal Cherepovets, the main steel producing facility of Severstal Russian Steel, has announced the signing of a memorandum of understanding (MoU) for a strategic partnership with Austrian-based plantmaker Siemens VAI Mining and Metals Technologies for the period up to 2012.
Accordingly, the new MoU for a strategic partnership is a revised version of the MoU of collaboration signed between the companies in February 2008.
"The MoU reflects the interest of our companies in the joint implementation of the investment projects directed towards the re-equipment and modernization of the production facilities and usage of nature conservation technologies," Severstal Cherepovets' technical director Andrey Lutsenko stated.