Russian pipe maker United Metallurgical Company OMK announced that VEB.RF in partnership with BEAC and Otkritie Bank will take part in financing the construction of Europe's first large full cycle environmentally friendly technologies based steel complex Ekolant in Vyksa Nizhny Novgorod region in Russia. The project includes the construction of an electrometallurgical complex and the necessary infrastructure with modern technology for the production of steel, round billets and high quality slabs. The total cost of the project exceeds 140 billion rubles. To finance it, a syndicate was formed with the participation of VEB.RF, Sberbank and Otkritie Bank. The project will be implemented using the Project Financing Factory mechanism. The share of participation of the state corporation in the syndicate is 20 billion rubles, another 20 billion rubles will be the reserve tranche. Two other financial partners will provide another 40 billion rubles each. More than 40 billion rubles are the own funds of the project initiator. Ecolant is a metallurgical complex without coke-chemical and blast furnace converters. The steel will be produced from iron ore and natural gas using the Direct Reduced Iron method. The project is a single ore-steel production chain consisting of DRI, an electrometallurgical furnace and a secondary processing complex with a capacity of 1.8 million tonnes of steel per year and two continuous casting machines. Production is expected to start in 2025. The bulk of the products will be used for the production of wide sheets for large-diameter pipes for trunk pipelines and shipbuilding, for the production of seamless pipes for oil production and for the production of railway wheels on the Vyksa plant of the United Metallurgical Company, the largest line in Europe.