The construction project of the Tyumen plant will receive co financing of 1 billion Rub from the Investment Fund of the Russian Federation.

The Russian government is ready to provide state support from the Investment Fund to build infrastructure of the Tyumen Electric Steel of RUB 953.5 million.

Mr Alexander Polyansky GD of UMMC Steel said “The allocated funds will increase the pace of Tyumen Mini Steel Plant construction. Also, we would like to thank the Tyumen region administration and the governor for assistance in solving many problems that emerged during the implementation of this investment project.”

It is also planned that the Tyumen region will take part in project’s financing; it will directly invest RUB 607.7 million of its budgets. Construction of Tyumen Electric-Steel Plant is part of a cooperation agreement between UMMC and the Administration of the Tyumen region. The plant is designed to produce 545,500 tonnes of long products per year. Commissioning is scheduled for the end of 2012. The total cost of investment in the project is estimated at RUB 22 billion as for today RUB 10 billion of which already invested in the project.

Substation for 320 MW, funds for its construction is covered under the state support, expected to be commissioned in 2012.

(Sourced from www.metalinfo.ru)