Interpipe (Ukraine) and Danieli (Italy) have signed an agreement on building a steel-smelting complex in Dnipropetrovsk.

According to an UNIAN correspondent, the agreement was signed in the Cabinet of Ministers today.

Interpipe group founder Victor Pinchuk disclosed that the total cost of the projects makes up nearly 600 million dollars. The steel complex will be built in 2 years and 2 months.

“The source of the project’s financing is Interpipe. In addition, we plan to attract a syndicated credit of a foreign bank”, V.Pinchuk noted.

The capacities of the new enterprise will allow producing 1.3 million tons of high-quality billets for pipe and wheel enterprises of Interpipe group a year, V.Pinchuk added.

Economics Minister Volodymyr Makukha, who attended the signing ceremony, noted that this project will allow reducing the consumption of natural gas at Interpripe enterprises by 8.5 times.