Tuesday, 28, May, 2024

The Tashkent Metallurgical Plant (TMZ) which will produce galvanized polymer-coated rolled steel products was inaugurate in Tashkent’s Yangikhayot district. On December 4, President Shavkat Mirziyoyev launched the operations by pressing a symbolic button.

The 326.6 million-euro project, of which 226 million euros - a loan from Russian Export-Import Bank, 147 million euros - of own funds, 15.1 million euros in a loan from Asaka Bank. The estimated payback period is about 8.6 years.

The plant project an ​​49.7 hectares was completed by the Russian Metprom group on a turnkey basis. The plant is equipped with technologies and automated equipment b the Italian Danieli.

The project realization was managed by SFI Management Group, which fully oversaw all stages of construction and commissioning, including project development, negotiations with all stakeholders, attracting investments, loans, hiring foreign specialists.

According to the project authors, the plant uses eco-friendly processes and fully complies with international environmental norms. It is reported that practically no waste will be generated at the enterprise - the water used in production will be purified by special filters and returned back to the technological process, and will not emitted into the environment. Air emissions will also be cleaned and minimized.

The TMZ products are planned to be used in the construction industry (production of metal tiles, air ducts, sandwich panels, roll-formed profiles, light steel thin-walled structures), in household appliances and car making (car body parts).

President Shavkat Mirziyoyev said that now a production chain of metallurgical products will be built, and the localization level will significantly rise at domestic enterprises. For example, in the prime cost of sandwich panels and roofing materials, the share of primary products produced in our republic will grow from 50 to 90%, ventilation and air conditioning systems - from 30 to 50%, and household electrical appliances - from 35 to 50%.

It is expected that a total of 5,000 new jobs will be created, included in the related industries, (672 at the plant).

The director for finances informed of the change of founders during the project implementation. Initially, the founders of the Tashkent Metallurgical Plant joint venture with an authorized capital of 197.8 million euros were the Uzbekistan Fund for Reconstruction and Development (49.9% or 98.7 million euros) and the Dutch company Metallurgical Technology and Engineering B.V. (50.1%, 99.1 million euros).

SFI Management Group, which managed the project implementation, came up with an offer to become a shareholder.

According to open data from the Unified Register of Enterprises and Organizations, the restructuring of the founders took place due to a decrease in the share of Metallurgical Technology and Engineering B.V. down to 41.9%, while SFI Management Group obtained 8.2%.

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