NLMK planning to launch production in India in Q2 2022

MOSCOW. Oct 21 (Interfax) - NLMK is planning to launch production of transformer steel in India in Q2 2022, CEO Grigory Fedorishin said during a conference call for analysts on Thursday.

The investment in the project, as previously reported, will be about $150 million, with a capacity of 65,000 tonnes of transformer steel per year.

NLMK already has some localization in India, with a service center there that receives NLMK's steel and cuts it to plates for transformer manufacturers.

NLMK is the leading producer of transformer steel in Russia. In 2018, the company signed long-term strategic partnership agreements with leading transformer component manufacturers, including India's KRYFS, which provide for regular supplies of transformer steel from NLMK's production sites in Lipetsk and Yekaterinburg (VIZ-Stal), enhanced technical support from NLMK, and expanded cooperation in developing and bringing new products to market, the company said.