Russia stakes on steel
Published: 10 April, 2008, 07:43
The Russian government is seriously concerned about domestic steel industry. A sufficient investment will be made in it.
The Russian government will pour $US 250 million in the production of special steel alloys in order to address a shortage of ultra-strong alloys in the aerospace and the shipbuilding industries.
Russian Prime Minister Victor Zubkov has launched the first modern smelting furnace in Moscow region, and it is planned to put three more into operation. “The production of ultra strong alloys and steel dropped dramatically in the nineties and hampers the development of hi-tech industries,” said Zubkov.
The plant will produce 2.5 tonnes of high-quality alloys and special steel used by domestic aircraft makers per day.
The government also has promised to provide state-backed credits for steel producers to buy new equipment.
10.04.2008, 07:03
Investors turn backs on Russian energy giantSeveral multinationals are now regretting their commitments to invest in Russia’s decrepit power network after being pushed into a bidding war for several generating companies of RAO Unified Energy Systems. |
10.04.2008, 13:35
VTB boss tips tough times for banksThe growth of Russia’s banking sector will slow by a third according to Andrey Kostin, the chairman and CEO of the country’s second largest bank VTB. |
