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Severstal, Mitsui form joint metal service center

Sep. 13, 2011

MOSCOW. (Interfax)

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Severstal and Mitsui have formed a joint venture to build a metals service center in Vsevolozhsk, Leningrad region, Severstal said in a press release.

Severstal will own 75% of the new center, charter capital 970 million rubles, and Mitsui the rest. Annual output will be 170,000 tonnes and production will begin in the middle of 2013.

Severstal said northwest Russia faced a growing need for metals services as the automobile industry gathers momentum and degree of localization increases.