On November 23rd, 2020, CITIC Construction signed an EPC Cooperative Agreement with ZDAS of CITIC Europe over a 100MW Steam Turbine Power Plant and Air Compressor Project for the Magnitogorsk Iron and Steel Works (MISW) in Russia. The project is designed to provide a power plant for internal use for MISW under a turnkey model. It utilizes blast-furnace gas produced during steel production and provide compressed air needed for the plant. The installed capacity is 100 MW.
The signing of the agreement is a key outcome of CITIC Group’s synergy-creation strategy, steadfastly adhered to by CITIC Construction and CITIC Europe. Both companies have actively responded to CITIC Group’s arrangement, bringing complementary advantages to the table, dedicated jointly to overseas EPC project development and cooperated with synergy. These efforts have paid off. This project has become a new breakthrough for CITIC Construction to set a foothold in Russia and laid a good foundation for expansion into such areas as energy, mining and metallurgy.
