Krasnoyarsk Metallurgical Plant (OJSC KraMZ, affiliated with En+ Downstream) continues investing in modernizing production with the support of VTB Bank. On 30 March 2012, VTB Bank issued KraMZ two letters of credit totaling USD 2.4 million for terms of up to three years each. KraMZ will use the facilities, which are repayable in installments, to purchase imported equipment.
The new equipment includes a homogenizing furnace, five multi-chamber furnaces for heating instruments, a through-type rod ageing furnace, and scissors for ingot hot cutting. This will improve alloy quality and broaden the range of KraMZ’s finished products. Supply and installation of the equipment is scheduled for Q3 2012.
|Svetlana Balakhnina, acting VTB Branch manager in Krasnoyarsk
“A through-type homogenizing furnace will reduce power consumption, while uniform heating of ingots will improve ingot quality,” KraMZ CEO Anatoly Nazarov said. “The purchased scissors for ingot cutting will increase the number of usable ingots, thereby reducing metallurgical losses.”
“This project is the latest example ofVTB Bank and KraMZ’s broader cooperation on modernization. With our support, last year the company installed a new press complex at a cost of more than USD 4 million”, said Svetlana Balakhnina, acting VTB Branch manager in Krasnoyarsk.
Krasnoyarsk Metallurgical Plant is affiliated with En+ Downstream and ranks third among Russian companies involved in aluminum and aluminum alloys processing by capacity. The plant’s products are supplied to the domestic market as well as to Germany, Italy, the USA, South Korea, Israel, Turkey, and other countries.
JSC VTB Bank and its subsidiaries (VTB Group) is a leading Russian financial group offering a wide range of banking services and products across Russia, in the CIS region, and in Western Europe, Asia and Africa.
VTB Bank’s major shareholder is the Government of the Russian Federation, which holds a 75.5% stake through the Federal Property Management Agency.