Steel producer, Severstal has increased its stake in the Coil-wound heat exchanger (CWHE) joint venture (JV) with Germany’s Linde from 26pc to 50pc.
The Russian steelmaker first invested in this JV in 2017 with a view to focus on localizing CWHE production in Russia. Through its latest stake increase, Severstal plans to provide high-tech customized solutions to its customers. That said, the company is close to approaching 100pc of its order capacity and is looking at the potential to build additional capacity.
Heat exchangers are usually made to order and are not produced in bulk; this will enable Severstal to develop unique solutions specific to customer requirements. This will enable the firm to deepen relations with their partners at each stage of the project it said in a statement.