Russian steelmaker MMK Group has announced that its group company Mekhanoremontny Kompleks, which specializes in equipment manufacturing, will invest over RUB 14 billion ($164.51 million) to build a new foundry and forging shop.
Having a production capacity of about 24,000 mt per year, the new shop will focus on producing engineering products for Russia and the other CIS countries, with the aim of substituting imports. Moreover, the shop will produce forged work rolls for cold rolling mills, forged support rolls for cold and hot rolling mills, large-sized forgings with an ingot weight of up to 120 mt, supplying products to the domestic steel industry and reducing imports of forged rolls to 30 percent from 80 percent.
The construction of the project is expected to be completed in the fourth quarter of 2026.