The Russian state-owned oil major Rosneft and the Ural Mining and Metallurgical Company (UMMC) have created a joint venture called the Eastern Mining Company that will become an anchor supplier of rolled steel to the Zvezda shipyard, Rosneft said in a statement.
Rosneft will own 25 percent in the joint venture, while UMMC will own the remaining 75 percent. The venture is to ensure supplies of rolled steel to Zvezda and to start the development of feasibility studies for improving the production capacities and implementing their investment projects in the mining and the metallurgical sectors of Russia’s Far East, Rosneft said.
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