Baku Steel Company attracts billions in Azerbaijan

Posted on Posted in news_en

Today, the management of the Baku Steel Company company held a meeting with representatives of China CAMC Engineering Co Ltd. led by Vice President Wang Yuhang, as well as with representatives of the company Danieli, led by Vice President Fabro Dario.

Isasues of the financing of the construction of a metallurgical complex in the city of Sumgait, the construction of which should begin as early as 2018, was discussed at the meeting. The contract, which involves the construction of 5 plants, as well as the rehabilitation of the Dashkesen Ore Mining and Processing Enterprise, was concluded in 2016 with the Italian company Danieli.

Lets’ recall: in late December 2016, the Italian Danieli & C. Officine Meccaniche S.p.A and the Azerbaijani Baku Steel Company signed an agreement on the implementation of the project to create a new metallurgical complex in Sumgait that includes five plants. The volume of investment in this project was then estimated at 1.225 billion euros.

This project is very important both for opening new jobs in accordance with it and for expanding the country's export potential. In particular, as a result of the project up to 1,200 jobs will be opened and 4,000 people will be involved in the construction of the complex. Therefore, the government fully supports the implementation of this project. And as stressed the head of Danieli & C. Officine Meccaniche S.p.A Gianpietro Venedetti, speaking at the presentation, according to his company's estimates, the commissioning of the complex will allow Azerbaijan to save annually up to 500 million dollars only on the import of steel products.