28 Feb 2018 16:53

ZTZ to buy 60,000 tonnes of steel from Posco in H1

MOSCOW. Feb 28 (Interfax) - South Korea's Posco will supply Zagorsk Pipe Plant (ZTZ) with 60,000 tonnes of flat rolled steel in H1, ZTZ said in a statement.

The value of the deal has not been disclosed.

In December 2017, ZTZ agreed with Severstal on supply of over 180,000 tonnes of steel roll.

"Such a strategy to maintain balance in our flat roll supplier structure enables us to easily communicate with different players on this market," ZTZ CEO Denis Safin was cited as saying in the statement.

ZTZ started producing wide diameter pipe for Gazprom in May 2017. The plant obtained accreditation at the end of last year and started shipments for Gazprom's new investment projects as well as for repair works.

SPARK-Interfax shows that the sole owner of ZTZ is the off-shore company Pipe Trade Ltd. However, newspaper Kommersant wrote in March last year, citing CEO Denis Safin, that "Pipe Trade has been a shareholder in ZTZ since its foundation but has subsequently bought shares." The same month, in an interview with industry magazine "Metal Supply and Sales", Safin said that Nikolai Egorov, the co-founder and partner in the law firm Egorov, Puginsky, Afanasiev and Partners, became ZTZ's co-owner at the end of 2016.