A project for manufacturing highly durable wires has been launched in Russia’s Chelyabinsk Region.
Specific dates have yet to be announced. As of now, a joint agreement on cooperation has been signed between Magnitogorsk Iron and Steel Works (MMK), its industrial park, and the MMK-METIZ company.
The document serves as a starting point for construction of an enterprise that will produce high-strength steel wires to be further used as reinforcing element for manufacturing motor tires and other products.
The enterprise will be based in Magnitogorsk. Investments required for the project total RUR 8 bln ($125 mio), with only RUR 2.5 bln as surplus funds due to effects of merging the capabilities of the parties implementing the project as well as the assets value.