Severstal to set up service center in St. Petersburg

The Russian steel producer Severstal has announced the signing of a cooperation agreement with the administration of St. Petersburg, involving the establishment of a new metal service center in the city.

During a meeting with the governor of St. Petersburg, Severstal presented its new investment projects for implementation in the city.

The new service center is expected to be put into operation in the second half of 2008 and to have a processing capacity of 80,000 metric tons of steel products for the needs of the shipbuilding, automobile and other industries in the city. The investment in the new metal service center totals $40 million.