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Business news
Finland's Rautaruukki plans to buy land in St Petersburg
11.25.2005 16:15

finland Finnish metal-based components supplier Rautaruukki announced in a press release Wednesday that it is negotiating the purchase of a 20-acre plot of land with St Petersburg city authorities. The company already operates in St Petersburg, but plans to expand its operations in Russia as a part of its overall strategy for the near future. Rautaruukki's chief financial officer, Mikko Hietanen, told the Finnish News Agency (STT) that the plans had received considerable publicity in Russia, and thus it was considered appropriate to release a statement, despite the fact that the deal is yet to be concluded.

The company established its first production unit in Russia in the mid-1990s. Currently, Rautaruukki manufactures steel roofing and components in St Petersburg.

The company employs 200 workers in Russia and net sales reached 70 million euros last year.

Rautaruukki operates in 23 countries worldwide and has a staff of 12,000. Turnover for the whole company was 3.6 billion euros in 2004.

News source: newsroom.finland.fi
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