RIA Novosti reported that Italian steelmaking group Cividale-Valduga will invest EUR 50 million to build a steel-casting plant in the Chelyabinsk region in the Urals in 2013.

Mr Chiara Valduga Cividale-Valduga group President was quoted in the statement as saying that "It will be the first facility in Russia which produces such high-quality steel. Overall volume of investment is at about 50 billion euros."

He said that the project will be implemented together with Russia Konar firm an oil and gas pipeline and parts manufacturer based in Chelyabinsk.

Mr Vladimir Pavlov Regional Industry Minister said the plant's products will be used in the tube-making industry.

(Sourced from RIA Novosti)