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#VSMPO-AVISMA renounced creation of JV with Korean Yulchon

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August 16 2013

VSMPO-AVISMA Corporation renounced the idea of creation of a joint venture (JV) in Korea for production of titanium tubes with South Korean Yulchon. “We’ve decided to develop tube welding using our own resources and currently we are installing new lines at our Ukrainian tube rolling factory”, Mikhail Voevodin, CEO, VSMPO-AVISMA Corporation told.   It was reported earlier that in October 2012 VSMPO-AVISMA Corporation and Yulchon Co. Ltd signed a memorandum of intent supposing establishment of a joint venture for production of titanium tubes in Korea. It was planned that JV creation will be on a parity basis. Volume of investments was estimated $5 million from each of the parties. It was expected that the JV would be located in a special economic zone in the province of Gyeonggi-do in 5 km of which there is a port.