The Russian steel producer Severstal has announced that it is continuing the implementation of its investment projects within the framework of the agreement concluded with Spanish company Gestamp, a manufacturer of steel components and structural systems for the automotive industry.
The project currently being implemented under the agreement in question is the construction of the Gestamp-Severstal-Kaluga plant in Russia's Kaluga region, which is to be finalized in the fourth quarter of 2009 and is to be commissioned in the first quarter of 2010.
The new plant will include several press lines produced by the Spanish appliance manufacturer Fagor, and will produce auto body parts for the factory of leading German automobile manufacturer Volkswagen which is located in the same industrial zone in Kaluga.
The main contractor for the construction of the Gestamp-Severstal-Kaluga plant is the Turkish company Kasa Stroy, while total investments in the plant amount to €80 million.