The Russian company YUMZ has signed a USD $30 Million deal with the Cuban company Stainless Steel ACINOX to modernize a wire rod factory used to produce steel as well as to help train Cuban workers.
Jose Enrique Pazos, director of Stainless Steel ACINOX, explained that this investment package, once it begins operations in 2020, will allow the factory’s steel production to increase to 177,000 tons per year. As part of the agreement, Moscow-based YUMZ will subcontract a highly qualified and experienced Italian entity, which will supply 60 percent of the equipment required for the investment.
Georgy Kalamanov, Russia’s Deputy Minister of Industry and Trade and head of the delegation, said that trade relations with Cuba are “very dynamic.” He explained that they’re also involved in projects aimed at expanding Cuba’s chemical industry, supporting the modernization of the illumination sector, and in areas of shipping and agriculture.