Vorskla Steel to set up steel mill in Ukraine

The Swiss-registered company Vorskla Steel received a green light from the Ukrainian Ministry of Environmental Protection at the end of December 2006 for the construction of a new electrometallurgical plant in the Poltava region. Construction work on the mill worth $1 billion is scheduled to start at the end of January, 2007. The new mill's first workshop is expected to be completed not earlier than at the end of 2008, while the start of production is anticipated for 2010. The construction of the mill is to be financed by a consortium of European banks.