Posted on 08 Jun 2023
Armenian-American company GTB Steel LLC has started construction of a steel plant in Yeraskh, Armenia, the Armenian Ministry of Economy tells Kallanish.
The annual volume of production will be 180,000 tonnes. Total investment amounts to $70 million.
Almost 200 people already work at the construction site. After the launch of the facility, the number of employees will be 1,000. The mill will have its own meltshop and mainly produce rebar, angles and pipes, the ministry notes. It is understood the meltshop will be electric arc furnace based.
The company plans to process 12,000t of ferrous scrap annually at the new plant in Yeraskh.
Armenia imports rebar mostly from Russia, Ukraine and Iran.
"The plant is being built from scratch and the area of the future mill is 16,500 square meters," says Armenian Minister of Economy Vahan Kerobyan.
GTB Steel LLC was founded in 2022 and is a subsidiary of GTB Holdings, which is 50% owned by Nono Sargsyan.
Earlier, the company filed an environmental impact assessment with the Armenian government, arguing that demand for steel products, like construction rebar, is increasing in the country. It must therefore have domestic steel production.
Source:Kallanish
