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Euro Finance, which controls six Ukrainian scrap metal collection companies, is planning to invest US$300mn in the construction of a mini steel mill in Bila Tserkva (Kiev region), Euro Finance vice-president Valentyn Makarenko has said.
The annual capacity of the new facility is expected to be 1mn tonnes of metal products.
“The project of the mini plant is a natural movement towards vertical integration so that in the future, scrap metal recycling could earn fair money,” says Makarenko.
The company is planning to get a permit for the construction in 2005, start it in 2006 and complete in 2008, Makarenko adds.
“The payback period is planned within five-to-seven years after the launch. The equipment to be bought will include an electric arc furnace, a stove-basket, a continuous casting plant, and a rolling mill,” he says.
The mill’s staple products will include rolled wire and special-purpose fittings.
Euro Finance has already held talks with Ukrainian metal producers – opened JSC Silur (Khartsyzsk, Donetsk region) and opened JSC Stalkanat (Odesa), Makarenko says. “I think we’ll find a common language so that they do not import rolled wire, but buy it in Ukraine,” he adds.
The company will directly work with domestic consumers, including construction firms.
The mill will be located on a 40 hectare site, of which, seven hectares have already been allocated to Euro Finance.
Euro Finance was founded in 2004 by Swiss Euro Steel Holdings and owns controlling stakes in six scrap metal collection companies: CJSC Kyivvtormet, CJSC Vtorychni Resursy (Kirovohrad), OJSC TernopilVtorMet, OJSC AleksandriaVtorMet (Kirovohrad region), OJSC Zaporizhia Vtormet, and OJSC Vtormet (Odessa).