Russian steelmaker Severstal has announced that it will construct a new wire mill in the town of Cherepovets. The total investment is expected to amount to approximately 11 billion rubles. According to the company, the unit will have an annual designed capacity of 1 million tons. The launch of the factory is planned for the second half of 2022.
“In the highly competitive and volatile market in which we operate, we must be agile and smart in our investment decisions,” said Severstal CEO Alexander Shevelev. “We need to think ahead and predict the future requirements of our customers; in this way, we are investing in our company’s future.” He said the new mill would enable Severstal to improve its long product and metalware supply chain.
