Severstal and the Luxembourg pipe manufacturer Tenaris have applied to the European Commission to approve a deal to create a joint venture.
The new company will produce seamless pipes for the oil industry in the town of Surgut.
The JV has been registered in Singapore.
The share of Severstal will be 51%, and of Tenaris – 49%. Investments in the construction of the plant with the annual capacity of 300 thousand tons are estimated at $240 million,
Construction will last for 2 years. (Ukrainian metal)