Uzmetkombinat launches production of ferroalloys for $60M

On August 29, the Uzbek Metallurgical Combine has launched a workshop for the production of ferroalloys, the correspondent of Podrobno.uz agency reported.

The launch ceremony was attended by President Shavkat Mirziyoyev, employees of the enterprise, representatives of the government of Uzbekistan and foreign investors.

The cost of the implemented project is $60 million, the workshop is equipped with up-to-date energy-saving technologies and the advanced equipment.

The new facilities were built with the participation of the South Korean Posco Daewoo company and are able to produce 25,000 tons of ferrosilicon and ferrosilicon manganese per year.

This will allow to not only meet the needs of the steel industry, but also to export an average of 8,000 tons of ferroalloys per year, to ensure the inflow of foreign currency in the amount of $12 million, as well as to reduce imports. Some 330 young men and women will be employed in the new workshop.

Shavkat Mirziyoyev got acquainted with the technological processes in the new workshop, talked with South Korean partners. The projects within the investment program of "Uzmetkombinat" JSC were presented to the head of state.

The president gave instructions to the combine's management and responsible persons to increase the number of such facilities through the implementation of new investment projects, to create additional jobs and to increase the level of employment of the population.

In September last year, Uzbekistan handed over the state share in the authorized capital of "Uzmetkombinat" JSC - the country's only metallurgical enterprise - under the trust management by a foreign company - SFI Management Group. The management of this company is carried out by people close to the companies of the Russian businessman of Uzbek origin Alisher Usmanov.