‘The setting up of a large industrial corporation by United Machine Building Works and MetalloInvest will make use of Uralmash facilities more efficient,’ Evgeniy Sergeev, General Director of United Machine Building Works (aka OMZ (Obedinennye Mashinostroitelnye Zavody, formerly United Heavy Machinery), said to UrBC.

‘The idea behind uniting Uralmashzavod and ORMETO-YUMZ Heavy Engineering Joint Stock Co. is creating a strong and competitive Russian supplier of equipment to ore mining and metallurgical enterprises in this country and abroad, which is particularly important because of Russia’s upcoming entrance to the WTO. This integration will allow us to build up on our competitive advantages and make significant progress on the way to becoming the leading producer of metallurgical equipment on the NIS market,’ Mr. Sergeev said.

Governor of Sverdlovsk Region Eduard Rossel held a meeting with First Deputy CEO of MetalloInvest Management Company Ltd. Nazim Efendiev a few days ago. Mr. Efendiev said that Uralmash Russian Machine Building Concern with Yekaterinburg-based headquarters was expected to be set up soon. United Machine Building Works and MetalloInvest Management Company announced their agreement to set up a united industrial entity on February 9, 2007. This large corporation will unite UZTM (Ural Heavy Machine Building Plant), Uralmash-SpetsStal Ltd., OMZ DRO, OMZ Crane Ltd., and ORMETO-YUMZ Heavy Engineering Joint Stock Co.