Nornickel joins RNK Holding stainless steel project

MOSCOW. Dec 19 (Interfax) - Nornickel has become a participant in RNK Holding LLC, the holding company of the Russian Stainless Company (RNK) that is carrying out a project to build a stainless steel flat products plant, the Russian mining giant reported.

Participation in the project will enable Nornickel to significantly increase nickel sales on the domestic market and integrate into production of high value added products in the steel and alloys sector, the company said.

RNK Holding is building the plant in Volzhsky, Volgograd Region to produce high quality hot- and cold-rolled flat products from stainless steel and corrosion resistant, heat resistant and refractory alloys with capacity to produce up to 500,000 tonnes per year. The company plans to open the cold-rolling shop in 2025, the hot-rolling shop in 2026 and the electric steelmaking shop in 2027.

Element 28 LLC became the owner of 50% of RNK Holding on December 18, data from the Unified State Register of Legal Entities showed. The stake of the Volzhsky Pipe Plant, the division of Russian pipe manufacturer TMK that was previously the sole owner of RNK Holding, decreased to 50%.