It is reported that RUB 1 billion of state money will be invested in the construction of the Tyumen Electrometallurgical Plant. Another RUB 607.7 million will be allocated by the government of the Tyumen region.

The project with a total cost of RUB 22 billion is being carried out by the Ural Mining and Metallurgical Company. The company press office told RusBusinessNews that the plant will be operating by late 2012.

The factory will be capable of producing 545,500 tons of steel bars per year. Currently over half of all the metalwork has been installed at the site and almost all the basic equipment made by the Italian company Danieli has been brought in.

(Sourced from www.rusbiznews.com)