According to Mr Gintautas Ramanauskas TESO Engineering representative in the Baltic countries about EUR 30 million are planned to be invested in the construction of a new electrometallurgical mini mill in Lithuania by the financial group Taurus Capital, Russian company TESO Engineering and Luxembourg registered SSP Company Limited.
Accordingly, the location of the new mini mill in Lithuania is to be chosen in February 2010, while the construction works are planned to be started by mid 2010.
Mr. Ramanauskas said "With a small output, we have an idea to create such technology which will allow our production costs to compete with that of the big producers. The products of the new mill will be sold on the domestic market.”
He said that in addition to the Lithuanian mill, five new mini mills are also planned to be constructed in Russia.
As SteelOrbis previous reported, TESO Engineering has already started the implementation of one project for the construction of a new electrometallurgical plant for production of long steel products in the town of Surovikino in Russia Volgograd region with an annual capacity of 120,000 tonnes of finished products per year. The construction of the new plant is scheduled to start in 2010 while the investments in the project will amount to RUB 1 billion.