Metalloinvest, a leading global iron ore and hot briquetted iron (HBI) producer based in Russia, has announced that it will build a new heat treatment complex at its subsidiary Ural Steel, which is based in Novotroitsk, Russia. Investment for the project will amount to RUB 1.5 billion ($26.68 million) and the project is planned to be completed in 2018.
The project includes the installation of a roller treatment furnace No. 1 and a heat treatment machine No. 1 at Ural Steel’s sheet rolling facility. The construction of the new high-tech heat treatment complex will enable the company to increase its production volume of heat-treated steel.
The company’s CEO Andrey Ugarov stated that the new complex will allow Ural Steel to raise the quality of its rolled steel products and increase its market share in high-margin products, both through increasing production volumes of existing steel grades and by producing a new grade and as a result, Metalloinvest will reinforce its position on the heat-treated rolled products market.