OREANDA-NEWS. April 22, 2010. Belarusian Metal Plant (BMZ), based in the Gomel Region, has failed to find a foreign investor to build a flat stock plant, a source at the company told.

There were two foreign bidders – Siemens FAI, Austria, and SMS Siemag, Germany – but both failed to meet the requirements, as they offered equipment, whereas BMZ was looking for an investor to finance the construction of the entire plant.

The work on the project will continue, and the Industry Ministry will conduct direct negotiations

As was reported earlier, in October 2009, BMZ opened a tender to find an investor capable of financing the project, estimated at USD 1.2-1.3 billion.

The new production unit will have a capacity of 1.2 million tonnes of sheet products a year.

The construction period will depend on the investor.

A joint-stock company will be established to build the plant, with foreign investor taking from 50% to 100%.

State company Belarusian Metallurgical Plant was launched in 1984. BMZ exports about 85% of its output. Non-CIS countries account for more than 70% of the BMZ’s exports.