Mechel reports that the supervisory board of the Fund of industry development of the Ministry of Industry and Trade has approved providing a loan to Beloretsk Iron and Steel Works to carry out a project to modernize steel wire and rope manufacture.
The cost of the project is 1.5 billion rubles, and the loan will cover 50% (750 million rubles).
The funds will be loaned for 5 years.
The project presupposes a large-scale modernization of the steel wire and rope manufacture with the assembly of new drawing machinery.
The modernization will allow BMK to produce wire, which is currently imported by Russia.
The project is expected to be completed in 2023. (Ukrainian metal)