Russia's Severstal Plans $6 Billion Investment in Asia

BANGALORE, INDIA--October 15, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--At a time when the global steel industry is witnessing a slowdown in the face of the current economic recession worldwide, Severstal OAO (MCX:CHMF) (Cherepovets, Russia) has announced plans to invest at least $6 billion to forge its presence in the Asian market. Russia and India have traditionally enjoyed close cooperation and joint efforts in the steel sector. For instance, Romelt-SAIL India Limited (New Delhi) was set up in October 1997 as a joint venture entity of the Steel Authority of India Limited (BSE:500113) (SAIL) (New Delhi), National Mineral Development Corporation Limited (BSE:526371) (Hyderabad, Andhra Pradesh), and three Russian firms.

Other companies featured: McNally Bharat Engineering Company Limited (BSE:532629)