The Pipe Metallurgical Company (TMK), a pipe manufacturer from Russia, announced the creation of a joint venture between Russian Stainless Company LLC (RNK) and the Chelyabinsk Electrometallurgical Plant (CheMK). It was also planned to implement the plan for the production of flat stainless steel products in the city of Volzhsky, Volgograd Region.
The stake in RNK will be divided equally between Volzhsky Pipe Plant (VTZ) and CheMK. The joint venture planned to produce 500,000 tonnes of finished high quality hot and cold rolled steel sheet from alloy stainless steel, corrosion-resistant and heat-resistant alloys per year.
It was understood that the consumption of stainless steel in Russia is about 300,000 tons per year, but more than 90% of stainless steel products were imported.
Over the past 10 years, the demand for stainless steel in Russia has grown by an average of 5% per year. The launch of this stainless flat steel production plan was expected to meet the growing demand in the domestic market.
TMK and CheMK intend to create a joint venture for the production of flat stainless steel products
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