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10 Apr, 2008 03:43

Russia stakes on steel

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.