The board of directors of the European Bank for Reconstruction and Development (EBRD) will provide 72 million euro loan to OAO Severstal and Air Liquide, EBRD said.
The funds will be used for construction of air separation unit.
The joint venture is designed to set up and operate its own air separation unit to meet the increasing requirements in oxygen of the strong Cerepovetz site, located between Moscow and St Petersburg in the Vologda region.
This unit, which is to be designed and assembled at Cerepovetz by Air Liquide’s engineering department, is scheduled for commissioning in the summer of 2007.
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