Severstal and EVRAZHOLDING signed an agreement of partnership in a project of making big-diameter pipes. The cost of the project is $130m. Within the framework of the project, a tubular mill with a capacity of about 450,000 tons of single-weld pipes will be constructed at the Izhora Pipe Plant by the beginning of 2005.
Severstal General Director Alexey Mordashov told reporters today that in accordance with the project, representatives of EVRAZHOLDING would be included in the Board of Directors of the Izhora Pipe Plant, in which the two companies will hold 50 percent of the shares each. At the same time Mordashov did not rule out the possibility of an additional issue of shares in the Izhora Pipe Plant.
According to EVRAZHOLDING President Alexander Abramov, the partners plan to found a joint managing company on a parity basis to implement the project, which will be financed both from internal sources and borrowed funds to be obtained by Severstal and EVRAZHOLDING independently.
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