Tycoon Usmanov’s Firms to Build Plant for Greener Iron Products
- Usmanov’s business will invest about $540 million in the plant
- Russian facility will make greener iron ore products
A steel mill, operated by Metalloinvest Holding Co., in Stary Oskol, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Companies controlled by billionaire Alisher Usmanov will build a plant in central Russia to supply greener products used to make steel amid a growing focus to clean up the industry.
A joint venture between USM and its Metalloinvest Holding Co.’s iron ore mine will invest 40 billion rubles ($540 million) to build a facility to make 2 million tons of hot-briquetted iron, or HBI, a year, the companies said Sunday. The plant, in Russia’s Kursk region, will begin operations in 2024.