11 Mar 2021 15:46

Severstal suspends projects with Tenaris to build OCTG plant, not abandoning it altogether

MOSCOW. March 11 (Interfax) - Severstal has suspended the implementation of a joint project with Tenaris to build an OCTG pipe plant in the Khanty-Mansiysk Autonomous District, Alexander Shevelev, the company's general director, told reporters.

"As of today, the project is on hold. We have completed the first stage, which was related to obtaining a construction permit, earth works, preparatory work. We are ready in principle to continue this project, but due to the situation on the markets - we see that the demand for pipes is decreasing, prices have dropped significantly - we have decided to suspend this project," the CEO said.