Nikolay Maksimov, former owner of the Russian steel company Maxi-Group and the largest private shareholder of the Russian bank Sberbank, returns to the steel industry through the creation of a company called Maxi-invest.
The new company plans to build two mini-mills in Russia, one in the Vladimir region and the second in the Tatarstan region. The two mills will reportedly have the capacity to produce 2 million tons of steel per year, according to various news reports.
The company says it hopes to begin both projects by the first half of this year, with completion expected b 2012.
Maksimov says the company’s goal is to build additional plants that will bring its capacity to nearly 10 million tons of steel per year.
To fund the facilities, Maksimov sold his share in a scrap metal recycling facility to Novolipetsk Steel for nearly $600 million. However, in light of economic problems, Novolipetsk Steel has only paid half of the amount, while the remainder is to be delivered after certain conditions are met.
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