(BelTA) – Belarusian Steel Works (BMZ trademark) will invest over €550 million in the reconstruction of production by 2015, BelTA learnt from Anatoly Savenuk, director general of the plant.

“The plant will apply for tied loans, banking credits in Western Europe. One of the projects will be financed by the Eurasian Development Bank,” Anatoly Savenuk noted.

He also stressed that the plant continues to cooperate actively with its investors. Despite the fact that the sheet rolling plant project was suspended, cooperation with the Italian Danieli Group continues. This company was expected to be one of the investors of the project. Anatoly Savenuk empathized that suspension of the project did not hamper business relations with Danieli. BMZ has been collaborating with the company since 1984 when Danieli was one of the BMZ construction subcontractors.

Besides, the turnkey section mill project currently underway at BMZ is supervised by Danieli. BMZ operates some joint enterprises, with cofounders from the EU countries and Russia. Investors from Germany, Austria, and Russia are planning to become cofounders of the BMZ oxygen plant project.

A joint venture for finishing oil pipes was registered last December. Swiss and Austrian companies are cofounders.

The plant also buys equipment from such well-known companies as Siemens, Danieli, Finnish company Water Group.