TMK plans joint venture stainless flats plant

Russian pipemaker TMK and the Chelyabinsk Electrometallurgical Plant (CHeMK) have set up a joint venture, LLC Russian Stainless Company (RNK), to implement a project for the production of flat stainless steel in Volgograd.

RNK will be owned in equal shares by TMK’s Volzhsky Pipe Plant and CHeMK. The project is currently being developed and the search for financing is underway, TMK says.

The design capacity of the proposed complex is up to 500,000 tonnes/year, Kallanish notes. Total investment is over RUB 100 billion ($1.36 billion).

The production site will be in the city of Volzhsky. It will produce high-quality finished flat hot and cold rolled steel from alloyed stainless steels, as well as from corrosion-resistant, heat-resistant and heat-resistant alloys.

Consumption of stainless steel in Russia currently amounts to about 300,000 t/y, while more than 90% of stainless steel flat products are imported. Over the past ten years, demand for these products in the country has grown by an average of 5% per year.

The launch of flat stainless steel production will support growing domestic consumption, TMK observes. The company is confident that, as a result of these joint activities, Russia will become a leader in the production of special steels and alloys for all industries.

The pipemaker earlier acquired 86.54% of shares in Chelpipe, one of Russia’s leading large-diameter and OCTG pipe producers (see Kallanish passim).

TMK’s 2020 consolidated revenue declined 28% on-year to RUB 222.6 billion ($3 billion). The company expects pipe consumption to remain stable in 2021.

Svetoslav Abrossimov Bulgaria