Agreement on Establishment of Metallurgical Complex in Sumgait

Today, the 20th of December in Sumgait between the companies Danieli (Italy) and LLC Baku Steel Company (BSC) an agreement was signed on the construction of the metallurgical complex. It is reported by the press service of the Ministry of Economy.

The report noted that according to the contract, in Sumgait there will be built 5 factories, ranging from iron ore concentrate to the metal sheets. The total investment is estimated at 1 billion 225 million Euros.

The construction work will involve 4,000 people, and 1,200 people will be employed at the enterprises.

Speaking at the signing ceremony, Deputy General Director of BSC Kerimov Ramin said that the metallurgical company will produce 1 million tons of steel, and products will be exported to Georgia, Kazakhstan, Iran, Russia and other countries.

Chairman and Chief Executive Officer of Danieli Gianpietro Benedetti said that the new metallurgical cluster will use a new generation of technology.

The timing of execution of the project, as well as the funding source is not reported.

Baku Steel Company is owned by JSC Azerboru, former Azerbaijani Pipe Rolling Plant. The new metallurgical complex will be built on its territory.    -----08D

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