Russian mining and metals giant Nornickel has decided to join a project to build a plant producing stainless steel products in Russia, it said on Monday.
The project is led by Russia's RNK-Holding. The company is building a complex for the production of high-quality hot-rolled and cold-rolled flat products in Volgograd region.
Participation in the project will allow Nornickel to increase its domestic nickel sales, as well as to "integrate into the production of deep conversion products in the steel and alloys sector", Nornickel said.
Annual production at the new plant is expected to be up to 500 000 metric tons per year. The cold-rolling shop is scheduled to open in 2025, the hot-rolling shop in 2026, and the electric steelmaking shop in 2027.