Severstal Cherepovets, the main steel producing facility of Severstal Russian Steel, has announced that it is continuing its cooperation with power equipment producer Power Machines Company and that it has signed a new agreement with the company for the third quarter of 2008.
The scope of cooperation includes the supply of hot rolled steel from Severstal's mills 2000, 2800 and 5000 to Power Machines' subsidiaries Electrosila and Leningradsky Metallichesky Zavod (LMZ).
In 2007 Severstal Cherepovets supplied about 193,000 mt of steel products to Power Machines, supplying about 45,000 mt during the first quarter of 2008, covering 100 percent of the latter's demand in steel.
Commenting on the cooperation between the two companies, Severstal Cherepovets' sales director Dmitri Goroshkov stated, "We consider the collaboration with Power Machines to be a long term and stable one and we are ready to satisfy the need of our client."