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Chelyabinsk Region, MMK METIZ Sign Investment Agreement

UrBC, Chelyabinsk, July 17, 2017. Chelyabinsk Region’s Ministry for Economic Development and MMK Group’s MMK METIZ signed a contract to upgrade the latter’s metal goods production and to produce 39bn RUR worth of goods by 2025, MMK’s press service reports.

The two parties’ special investment contract sets out the investor’s responsibility to master the production of metal goods within the given period and Chelyabinsk Region’s responsibility to provide both tax reliefs and subsidies.

The investor, MMK METIZ, is to allocate at least 2.9bn RUR for the project, produce and sell 39bn RUR worth of hardware goods, wire, steel cables, and sized rolled products, and pay 2.8bn RUR worth of taxes (after all the tax relief deductions have been made).

The company must now invest 0.4bn RUR in Fastener 1 production as part of its import substitution program (this project is expected to pay off in four years’ time), 1.9bn RUR in HC wire and cable production (payoff point is expected in 2.7 years), and 0.6bn RUR in new technologies in the sized rolled metal goods production (payoff point is expected in 1.6 years).
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