The agreements, in particular, provide for the construction of a plant for the production of high-strength cast iron pipes
Kazakhstan’s Qarmet (formerly ArcelorMittal Temirtau) and China’s Xinxing Ductile Iron Pipes Co. have agreed to build a plant to produce high-strength spheroidal graphite cast iron pipes with a capacity of 200 thousand tons per year in Kazakhstan. This is stated in the message of Qarmet.
The deal is worth $161 million, and the company’s products will be used for projects to build and modernize housing and communal infrastructure in Kazakhstan.
In addition, Qarmet signed an agreement with China Metallurgical Group Corporation on long-term cooperation in the mining and metallurgical industries worth $1 billion. The Kazakh company has also agreed to implement a $649 million project to modernize coke production and develop coal chemistry with China’s ACRE Coking & Refractory Engineering Consulting Corporation.
In addition, the company signed an agreement with Nanjing Fiberglass Research & Design to build a $30 million plant for the production of mineral insulation from blast furnace slag in Temirtau. The plant will have an annual capacity of 100 thousand tons of finished products.
The agreements were reached during the Kazakh-Chinese investment roundtable with business representatives held in Shanghai. As a result, a total of eight commercial agreements worth $2.5 billion were signed, with $1.9 billion related to Qarmet projects.
Qarmet plans to increase steel production to 3.5 million tons in 2024. The company plans to ship 3.2 million tons of steel products to customers this year. Previous plans envisaged a 13% increase in steel production compared to 2023, up to 3.3 million tons, and a 10% increase in iron ore concentrate production, up to 10 million tons. At the same time, coal production is expected to decline by 2%.
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