VEB will examine a bid to finance modernization of Chusovoy Steel Works

According to the press-service of the Perm region administration, Vnesheconombank (VEB) will examine a bid to finance modernization of Chusovoy Steel Works
(part of United Metallurgical Company, OMK). Modernization is expected to cost 15bn rubles. The project includes: construction of an electric arc furnace with a capacity of 850-900,000 tonnes/year and a continuous caster and rolling mill with a capacity of 700,000 t/y.

Plans of development Chusovoy, NYTVA and Krasnovishersk are compiled currently in the Perm region. They can be attributed to the structure of its economy to the monotowns.

There is the Nytva development plan at the final stage. It will also be sent to the Russia Ministry of Economic Development in the next 2 months. Despite production decrease at NYTVA Metallurgical Works in the last 4 months there has been a positive trend. Metallurgical Works plans to increase production volumes compared to last year in 2 times.

Chusovoy Steel Works produces springs for trucks and cars.