Russian steelmaker Severstal has announced that it has formed a joint venture with Luxembourg-headquartered steel pipe and tube producer Tenaris, to build a welded pipe plant for OCTG production in the Surgut region of Russia, West Siberia.
According to Severstal, the plant, which is estimated to require an investment of $240 million and a two-year construction period, is planned to have an annual production capacity of 300,000 mt. Through this joint venture, Tenaris and Severstal aim to serve the growing market for welded OCTG pipe products in Russia and neighbouring countries.