Beloretsk Iron and Steel Works and the government of the Bashkortostan Republic have concluded an investment agreement on tax preferences for the development of the investment project on the manufacture of multi-thread steel ropes at BMK.
The preferences will be provided from 2019 till 2021. And the volume of funds freed from taxes is over 51 million rubles.
The company has been implementing the project on multi-thread ropes manufacture (including with polymer coating) since 2015. The manufactured products will replace imported ones on the Russian market.
The total cost of the project is 510.6 million rubles. The Fund of industry support in 2016 provided BMK with a loan of 255.3 million rubles.
In October 2017 the project was included in the list of priority projects of the Bashkortostan Republic, thus enabling BMK to receive a state support as tax preferences.
The commissioning of the machinery is scheduled for December, and the start of the manufacture for January 2019. 68 new jobs will be created. (Ukrainian metal)