Source Pravda.Ru

Severstal and EVRAZHOLDING to cooperate in pipe production

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.

© &to=http://www.rbc.com' target=_blank>RBC

&to=http://www.stal.ru/eng/company/' target=_blank>Severstal

Comments
Unemployment in Russia hits record high of 15 percent
Third Rome and geopolitics of Orthodox schism
Brexit: The UK's misunderstanding of Democracy
Why Trump tries to re-industrialize America
Why Trump tries to re-industrialize America
MP suggests replacing Lenin's mummy with rubber figure
Russian Navy admiral says Russia will torpedo US warships, if need be
The horror story called Brazil: Murder and destruction
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Five years after Maidan revolution, Ukraine remains one of Europe's most corrupt states
Why Trump tries to re-industrialize America
USA plays to pretend a mighty dragon that can no longer breathe fire
US interferes in election of Interpol president, Kremlin believes
US interferes in election of Interpol president, Kremlin believes
Five years after Maidan revolution, Ukraine remains one of Europe's most corrupt states
Brexit: The UK's misunderstanding of Democracy
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Argentina hides the truth about the death of San Juan submarine
Japan ratifies agreement to supply weapons and ammo to warring states
Russia to ban capture of killer whales and belugas in 2019
Russia to raise sunken floating dock