MMK-Metiz, a part of Russian steel producer Magnitogorsk Iron and Steel Works (MMK), has announced that it has started to produce fasteners and wire domestically at its new complex built with an investment of RUB 1.5 billion ($16.20 million) to substitute metalware imports.
According to the statement, the new plant has a reinforcing, galvanized and welding wire production capacity of over 150,000 mt per year, as well as producing 4,200 mt of nuts for engineering and railway projects per year. During production, the company solely relied on domestic raw materials. Within the scope of the investment, of which RUB 500 million ($5.40 million) was provided by the Federal Industrial Development Fund, the Russian producer installed drawing mills, rewinding machines, a heat treatment and galvanizing line for wire, a fitting line, nut-treading machines, and several furnace units.
MMK-Metiz aims to meet the growing local demand for hardware products and reduce the dependence on imports. Previously, the market share of imported welding alloy wire and nuts had reached 50 percent.
“The main strategic goal of MMK-METIZ is the creation of a high-tech complex for the production of modern types of metal products. Now we can offer our consumers new high-quality hardware products,” Sergei Dubovsky, director of MMK-METIZ, stated.