TS Tenaris

   By Oliver Griffin 
 

Severstal PAO (CHMF.MZ) and Tenaris SA (TEN.MI) said Tuesday that they will form a joint venture to build a welded-pipe plant in western Siberia and plan to invest $240 million in the project.

Russian steelmaker Severstal will have a 51% interest in the joint venture, while Tenaris will own the remaining 49%, the Russian company said.

The plant will require a two-year construction period and is planned to have an annual production capacity of 300,000 tons worth of oil country tubular goods.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

February 05, 2019 05:59 ET (10:59 GMT)

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