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ZAGREB (Croatia), October 23 (SeeNews) - China's CIMM Group plans to build a $30 million (27 million euro) manufacturing plant for graphite electrodes in the city of Sisak, in central Croatia, the Croatian chamber of commerce, HGK, said.
Sisak mayor Kristina Ikic and CIMM Group's founder and chairman Ma Shujun signed a memorandum of understanding on the project during the Croatian-Chinese Forum held in Zagreb on October 22, HGK said in a statement on Tuesday.
The event was held in the framework of a visit of a Chinese delegation led by high representatives of the country's northern coastal province of Liaoning.
"I think everyone is aware of the importance of such a capital injection in serious industrial production. Such investments build our landmarks for the future, and we want to continue in this direction," Ikic said in the statement.
HGK gave no further details on the project.
Graphite electrodes are primarily used to melt steel scrap in the electric arc furnace (EAF) steelmaking process, using the graphite's ability to withstand high temperatures.
CIMM Group produces and sells graphite electrodes, copper mould tubes, magnesia carbon bricks and refractory bricks, among others. It also specialises in project engineering, procurement, construction, operation, maintenance and project management.
CIMM Group is interested in acquiring foreign enterprises whose business is related to its core business, the company says on its website.