HAVANA, Cuba, Nov 1 (acn) Russian YUMZ companies and Cuban ACINOX from Las Tunas province signed on Wednesday in Havana a contract valued at over 26 million Euros for the modernization of the company in the eastern region in the context of the 25th International Havana Trade Fair, FIHAV 2017.
The Director of Imports for the Cuban firm, Jose Enrique Pazos explained that this investment will allow major production of corrugated steel bars and steel wires at the company in Las Tunas.
He added that they estimate a production of 177 thousand tons a year, after the work is concluded.
He told the press that the project should conclude during the second semester of 2019 for the company to begin its production in 2020.
By that date the Jose Marti Steel company known as Antillana de Acero will come to a halt as part of an updating and reparation process while the factory in Las Tunas will assume the responsibility of both.
According to Pazos, YUMZ will sub contract a highly qualified and experienced Italian company, as part of the agreement, in the work currently underway.
The Italian company will supply 60 percent of the machinery required during the investment, he added.
The Russian company will also be present during the process while it will train the Cuban personnel working at the site.
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