Business news

ZHLOBIN, 11 April (BelTA) – Belarusian Steel Works (BMZ trademark) has every chance of getting out of the complicated situation in the metallurgical industry stronger. Prime Minister of Belarus Andrei Kobyakov made the statement after visiting OAO Belarusian Steel Works, the managing company of the holding company Belarusian Metallurgical Company, BelTA has learned.

Andrei Kobyakov said: “At present a large number of metallurgical companies are having a hard time and not only in the Russian Federation. In essence they are fighting for survival. However, we are confident that BMZ will emerge stronger out of the complicated situation.”

The completed modernization of the company will allow turning out ready-made products without intermediate ones. The products will sell well both to Belarusian mechanical engineering companies and on foreign markets — for instance, to such large mechanical engineering corporations as Mercedes and BMW. The Prime Minister praised the advanced technological standards of the manufacturing division. “Yet it is necessary to give more polish to the economic component. We expect BMZ to become a flagship of the Belarusian production sector,” added Andrei Kobyakov.

OAO BMZ Director General Anatoly Savenok noted that in 2011-2015 the company’s development was primarily focused on technical and technological projects aimed at increasing the overall output, increasing the smelting and casting of steel up to 3 million tonnes per annum in addition to reducing the prime costs and the imported component of the merchandise. In 2015 BMZ managed to reduce the prime cost of merchandise by employing various means by $97 million.

Belarusian Steel Works (BMZ for short) was founded in 1984. Later on it was reincorporated as a public joint-stock company (OAO) BMZ — Managing Company of BMC Holding. The enterprise specializes in cast bars, profiled iron, rolled steel, reinforcing bars, metal cord, wire for high-pressure hoses and other kinds of wire. The company exports over 80% of the output and employs nearly 12,000 people.