SOURCE: Industrial Info Resources

October 15, 2008 06:30 ET

Russia's Severstal Plans $6 Billion Investment in Asia, an Industrial Info News Alert

BANGALORE, INDIA--(Marketwire - October 15, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- At a time when the global steel industry is witnessing a slowdown in the face of the current economic recession worldwide, Severstal OAO (MCX:CHMF) (Cherepovets, Russia) has announced plans to invest at least $6 billion to forge its presence in the Asian market. Russia and India have traditionally enjoyed close cooperation and joint efforts in the steel sector. For instance, Romelt-SAIL India Limited (New Delhi) was set up in October 1997 as a joint venture entity of the Steel Authority of India Limited (BSE:500113) (SAIL) (New Delhi), National Mineral Development Corporation Limited (BSE:526371) (Hyderabad, Andhra Pradesh), and three Russian firms.

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