The Russian company YUMZ has signed a US$30 million deal with Cuban company Stainless Steel ACINOX to modernize a wire rod factory used to produce steel as well as to help train Cuban personnel and participate in the startup process of the updated line.
Jose Enrique Pazos, director of the company Stainless Steel ACINOX, explained that this investment package, once it starts operating in 2020, will allow the factory's steel production to increase to 177,000 tons per year, according to the Cuban News Agency. As part of the agreement, Moscow-based YUMZ will subcontract a highly qualified and experienced Italian entity, which will supply 60 percent of the equipment required for the investment, Pazos added.
The agreement was signed at the 35th International Fair of Havana, the most important commercial exhibition held in the socialist country, which showcased the complete supply of wire rolling line, furnaces, as well as machines used in the production of wire rods, among other innovations.
Russia is one of 63 countries attending the commercial showcase where it inaugurated its official pavilion on Wednesday with vehicles and equipment for the oil sector, among other projects.
Georgy Kalamanov, Russia's Deputy Minister of Industry and Trade and head of the delegation, told local media that trade relations with Cuba are "very dynamic." He explained that they're also involved in projects aimed at expanding Cuba's chemical industry, supporting the modernization of the illumination sector, and in areas of shipping and agriculture.