Russian steelmaker Severstal is forming a joint venture with global tube & pipe producer Tenaris to build a oil country tubular goods (OCTG) plant in the Surgut area of West Siberia.
The welded pipe plant will be "in close proximity to the main oil and gas companies," Severstal said on Tuesday February 5. The Russian steelmaker will have a 51% interest in the JV, while Tenaris will own the remaining 49%. "We plan to start it [the construction of the plant] as soon as all [regulatory] approvals are on...