Turkey-based Ussuri Capital Partners (UPC), led by Ukrainian CEO and co-founder Roman Kurashev, has announced the launch of its first financing round, aiming to raise EUR 60 mln (USD 67 mln) for the initial phase of a planned EUR 900 mln (USD 1 bln) steel plant in Romania, according to local media reports.
The funds will be allocated for land acquisition, design, equipment purchase, and construction of the main production facility.
In the first stage, UPC plans to develop a cold rolling mill along with pickling, hot-dip galvanizing, and color coating lines
Once operational, the plant is expected to produce 400,000 tons of pickled steel, 250,000 tons of CRC, and 250,000 tons of hot-dip galvanized steel annually, with production slated to begin by 2027. During this time, HRC will be imported from non-EU countries for processing while the electric arc furnace shop ramps up.
The second phase, estimated at EUR 700-800 mln (USD 781-892 mln), includes the installation of an electric arc furnace with an annual capacity of 1.2 mln tons of steel and a continuous casting line for producing 1.2 mln tons of HRC per year.
1 USD / 0.89 EUR
