Torex-Khabarovsk, the owner of the only steel producer in Russia’s Far East Amurmetal, and Hong Kong company Debang Guangdong International signed a letter of intent to create a metals cluster basing on capacities of Amurmetal, the Far East Development Ministry said in a statement on January 9.
“The sides plan to start implementation of the project within the framework of existing capacities of the Amurmetal plant with a further upgrade of the plant in order to increase the output of finished products,” the ministry said.
“The production and financial potential of the sides allow them to set up long-term and beneficial cooperation. The consortium’s 10-year plans include output of 30 million tons of metal products per year and establishment of a production and sales chain that will comprise production of raw materials, constant operation of smelters, production of finished products and sales abroad,” the ministry quoted Yao Xiaodong, chairman of Debang Guangdong, as saying.
The company plans to sell Amurmetal’s products in Russia and export them to Asia-Pacific states.
Currently, Amurmetal comprises two production lines with an annual capacity of 1 million tons of metal products each. (Prime/Ukrainian metal)
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