According to foreign media news, Russia will start building a new electric arc furnace billet plant in the Arapayevsk Special Economic Zone this year, with a designed production capacity of 520,000 tons of round billets and 290,000 tons of grinding steel balls per year. The plant will be produced using the electric arc furnace process.
It is understood that the project is planned to start in two phases, and the total investment in the first phase is expected to be 20 billion rubles (about 290 million US dollars).
In December 2022, Russia approved the country's new strategy for the development of the metallurgical industry to 2030, mainly focusing on the demand for infrastructure construction and increasing export trade to Asian countries. It announced an increase in the supply of raw materials and vigorously promoted housing Initiatives such as construction, community infrastructure modernization and expanded road construction.
The Russian Ministry of Industry and Trade believes that the country's enterprises will face two years of sanctions. In the next five years, they will adjust the direction of logistics and try to enter new markets.
According to the forecast released by the World Steel Association in October 2022, Russia's steel consumption will drop by 10% to 37.2 million tons in 2023
