Russian steel and mining company Severstal and Spain's Tenaris S.A. steel pipes manufacturer plan to establish a joint oil country tubular goods (OCTG) plant in the Siberian city of Surgut, Severstal said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 05th February, 2019) Russian steel and mining company Severstal and Spain's Tenaris S.A. steel pipes manufacturer plan to establish a joint oil country tubular goods (OCTG) plant in the Siberian city of Surgut, Severstal said on Tuesday.
The production capacity of the enterprise will be 300,000 tonnes per year, while investments are estimated at $240 million. The plant is expected to be built within 2 years.
Severstal will own a 51 percent share, and Tenaris will receive the remaining 49 percent.
Alexey Mordashov, the main shareholder of Severstal, said that the launch of the plant is planned for 2021, while the full capacity is set to be reached in 2024.
