Ussuri Capital Partners (UPC), a company based in Turkey with Ukraine’s Roman Kurashev as CEO and co-founding member, announced that it is launching the first round of financing, through which it wants to raise EUR 60 mln for the first phase of the planned EUR 900 mln steel plant in Romania, according to Economica.net.

The funds that Ussuri wants to raise will be used for land acquisition, design, equipment purchase, and construction of the main production facility.

In the first stage, a cold rolling mill and installation of pickling, hot-dip galvanizing, and color coating lines will be developed, with investments estimated at EUR 160 mln.

The plant is expected to produce 400,000 tonnes per year of pickled coils, 250,000 tonnes per year of cold-rolled coils, and 250,000 tonnes per year of hot-dip galvanized coils. Processing will start by 2027.

While the electric arc furnace shop is ramping up, the plant will process hot-rolled coils imported from non-EU countries.

The second phase of the investment, estimated at EUR 700 mln-800 mln, envisages an electric arc furnace with a capacity of 1.2 mln tonnes of steel per year and a continuous casting line for strips with a capacity of 1.2 mln tonnes/year of hot-rolled coils.

iulian@romania-insider.com

(Photo source: Dreamstime.com)