Tenaris and Severstal to form joint venture to build a welded pipe plant in West Siberia
The plant, which is estimated to require an investment of
Alexey Mordashov, Chairman of the Board of Directors of Severstal, commented: “Our strategic goal is to make Severstal the leader in the future steel industry. And the future belongs to those companies that can provide their clients with unique solutions based on excellent understanding of their needs. To offer the oil and gas market best-in-class OCTG products and a range of customized and innovative services we are happy to join forces with a global leader in the manufacturing and supply of high-quality welded and seamless steel pipes. The production will be located in close proximity to the main oil and gas companies which will ensure cost efficiency both for us and our customers’ operations”.
Severstal is a leading Russian steel producer of high value-added flat, long and tubular steel products for the construction, automotive, machinery and energy industries.
Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements.
Source: Tenaris S.A.