Uralmash Machine Building Corporation and SIEMENS announced they were going to set up a joint mining and metallurgical venture that will become one of Russia’s leading engineering and machine-building enterprises.

Both companies have already signed a MOA. ‘SIEMENS intends to expand its business in Russia, so the future joint venture could be used to provide engineering services to the whole global network,’ reports SIEMENS VAI Metals Technologies (Linz, Austria).

‘This joint venture will support the Russian national heavy engineering development strategy,’ says Uralmashzavod’s GD Nazim Efendiev. According to the MOA, SIEMENS is going to own 50% plus one share of the future company that will be run jointly by SIEMENS and Uralmash.

Uralmash is to contribute the personnel and the assets of Uralmash Engineering and some engineering departments of Uralmash’s other daughter enterprises to the future joint venture.

As for SIEMENS, it is to contribute the subcontract potential and licenses that will allow the company to use certain technologies and solutions such as palletizing, agglomeration, blast-furnace practice, and cold rolling. All the details still have to be thought over, however.