The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has announced that Uzbekistan-based steel producer Uzmetkombinat has secured €132.5 million in financing to develop a new casting and rolling complex in the southern city of Bekabad. The funding package is backed by the ICIEC and is intended to support the construction of a rolling mill complex that will significantly expand Uzbekistan’s domestic steelmaking capabilities.
First hot rolled steel production in Uzbekistan
The new facility will enable Uzbekistan to produce hot rolled steel products domestically for the first time, reducing reliance on imports and strengthening the country’s industrial base. Once operational, the plant is expected to supply hot rolled products to key downstream sectors, including construction, infrastructure and manufacturing.
The investment will be used for the construction of a modern rolling mill complex, equipped to meet international quality standards and support both domestic demand and potential exports.
Strategic importance for Uzbekistan’s steel industry
Uzmetkombinat’s investment is seen as a strategic step in Uzbekistan’s broader industrial development strategy, which prioritizes import substitution, value-added steel production and modernization of heavy industry.
The project is expected to:
- expand the country’s steel product range,
- increase value-added processing within Uzbekistan,
- support job creation,
- strengthen supply security for local steel consumers.
Construction timeline and outlook
Construction of the rolling mill complex is expected to proceed in phases, with commissioning planned after completion of civil works and equipment installation. By adding hot rolled production to its portfolio, Uzmetkombinat aims to move further up the steel value chain and position itself as a more competitive regional supplier.
