ArcelorMittal says it will build first plant in Russia

PARIS: The world's largest steel group, ArcelorMittal, said on Tuesday it had signed an accord to build its first plant in Russia.
      
In a statement, the company said it had signed an accord with the regional authorities in Tver, some 180 kilometres northwest of Moscow, on building a plant with annual capacity of one million tonnes.
      
The first phase of the investment costing USD 100 million (144 million euros) should begin in the second quarter of next year, it said, with operations set to start in 2010.

A feasibility study on a second phase of the project will start shortly, it added.
      
"This is our first production unit in Russia. The plant at Tver will give us a presence in the construction segment (of the steel market), which should grow at an annual rate of more than 10 per cent," ArcelorMittal director Maley Mukherjee said in the statement.