MMK Industrial Park To House Steel Wire Plant

14 November 2019 (14:33)

UrBC, Magnitogorsk, November 14, 2019. A high-strength steel wire-manufacturing plant will be put up in Magnitogorsk Iron & Steel Works (MMK) Industrial Park, MMK’s Information & PR Department reports.

‘MMK, MMK METIZ, and MMK Industrial Park signed a cooperation agreement with OOO Terwingo during the 25th International Industrial Exhibition (Metal-Expo 2019); the agreement was signed by MMK’s Director Pavel Shilyayev, MMK METIZ’s Director Alexander Mukhin, MMK Industrial Park’s Director Vladimir Dremov, and Terwingo’s Director Mikhail Ushakov,’ the company says.

Under the terms of the agreement, the parties will work together to set up a high-strength steel wire-manufacturing facility; the wire in question is used as a reinforcing component in tires and other products. The plant is expected to get built in MMK Industrial Park in Magnitogorsk.

‘The investment worth of the project is estimated at RUB 8bn, while the required funding comes to RUB 2.5bn due to the synergizing effect of the parties’ cooperation, the expertise they contribute to the project, and the value of their existing assets. The new plant is expected to get launched in the last quarter of 2020 and to create 250 new jobs. Up to 35,000,000 kg of high value-added produce will get manufactured every year,’ MMK says.

The product is targeted at both Russian and European tire manufactures and customers specializing in various kinds of reinforced polymeric and rubber goods.

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