Russia’s Severstal, one of the world's largest steelmakers, announced that they would have an investment program to broaden its product portfolio. It was understood that the manufacturer would invest approximately RUB 11 billion to build a wire mill 170 in the long-roll rolling production unit of its Cherepovets steel plant.

Alexander Sheveleva, the chief executive officer (CEO) of Severstal, indicated that the planned annual production capacity of the new wire plant was 1 million tons of wire with a diameter of 14-32 mm, and it was expected to be put into production in the second half of 2022.

The establishment of the plant would enable Severstal to significantly improve the supply chain of long products and metal products.