Metalloinvest Signs $340 Million Iron Deal With Siemens, Midrex

Metalloinvest Holding, Russia’s largest iron-ore producer, signed a 270 million euro ($340 million) contract with Siemens AG (SIE) and Midrex Technologies Inc. for the expansion of hot briquetted iron output in the nation.

Siemens and Miderex will help Metalloinvest to increase its production at the Lebedinsky mine in Central Russia with the construction of a new 1.8 million metric ton-capacity plant, the world’s largest, the companies said today in a joint statement.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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