Fincraft Resources and Monnet Group plan to build a ferroalloy plant in Kazakhstan

The total amount of investment in the project will be $125 million

Kazakhstan’s Fincraft Resources and the Indian holding Monnet Group have started work on the construction project of a ferroalloy plant in the Taraz industrial park in Kazakhstan. Kallanish reports about it.

The project capacity of the enterprise is 100,000 tons per year, the total amount of investment will be $125 million. The deadline for the completion of the project has not been announced, the joint venture will be called TB Alloys Kazakh Ltd. It is assumed that the Indian side will be engaged in pre-project work.

At the first stage, the new enterprise will produce 50,000 tons of ferroalloys per year. The products will be intended for the Kazakhstan market and the markets of neighboring countries.

As GMK Center reported earlier, in 2023, Kazakhstan plans to start construction of three steel enterprises on the territory of the Saran industrial zone of the Karaganda region. Investments in new projects – a plant for the production of galvanized steel, a pipe plant and a hot-dip galvanizing plant – are expected at the level of $478 million. All products planned for production are aimed at import substitution and export.

Earlier, Kazakhstan’s QazSpecSteel LLC plans to invest $587 million in the construction of a plant for the production of steel billets with a capacity of 800 thousand tons in Aktobe (Kazakhstan). The terms of construction are not specified. At full capacity, 1.5 thousand people will work at the enterprise.

ArcelorMittal Corporation plans to invest $1 billion in Kazakhstan’s production facilities in the near future. Most of the funds will be used to modernize ArcelorMittal Temirtau production. This was discussed in September at a meeting of the President of Kazakhstan Kasim– Zhomart Tokayev and chairman of ArcelorMittal Lakshmi Mittal.