ACINOX, a Cuban company that manufactures stainless steel, has signed a contract valued at US$30 million with a Russian company to modernize its production of wire rod.

A report at spanacom.com said that ACINOX signed an agreed with Russia’s YUMZ signed the contract to modernize a wire rod manufacturing plant at the 35th International Fair of Havana, (FIHAV 2017). The deal calls for the supply of a complete wire rolling line, including the furnace, as well as machinery to produce the wire rod at a plant in the eastern Cuban province of Las Tunas.

The story cited ACINOX Director Enrique Pazos as telling the state Cuban News Agency that the investment will allow up to 177,000 tons annual production once the project starts operating at the beginning of 2020. YUMZ will subcontract a "highly qualified and experienced Italian entity," which will supply 60% of the equipment required for the investment, he said. The Russian company will also participate in the process of commissioning the updated line and will be responsible for the training of Cuban personnel will work in the production.

The story said that Russia was one of the 63 countries that attended FIHAV. Russian Deputy Minister of Industry and Commerce Georgy Kalamanov, who heads the delegation of his country to the Cuban Fair, said that there are other projects are also planned to expand collaboration in the chemical industry, to modernize the light steel industry, and areas of maritime transport and agriculture. Russia was described as the fourth most active partner of Cuba, behind China, Venezuela and Spain. Of note, it said that, "In addition to strengthening cooperation economic-three years ago, Russia canceled 90% of the debt incurred by the island...as both countries support each other in the political arena."