ACINOX Signs $30M Deal with Russia’s YUMZ to Modernize Wire Rod Production
ACINOX, Cuba’s leading stainless steel manufacturer, has signed a $30 million agreement with Russia’s YUMZ to upgrade its wire rod production facility. This ACINOX wire rod modernization project will strengthen industrial output and improve manufacturing efficiency.
ACINOX Wire Rod Modernization Project Details
To begin with, ACINOX finalized the agreement during the Havana International Fair (FIHAV 2017). The project includes the installation of a complete wire rolling line, along with a new furnace and supporting equipment.
The upgraded facility, located in Las Tunas, will significantly enhance production capabilities. In addition, an experienced Italian engineering partner will supply approximately 60% of the required equipment.
Increased Production Capacity and Technology Upgrade
As a result of the investment, ACINOX expects to reach an annual production capacity of up to 177,000 tons once operations begin in 2020.
Furthermore, YUMZ will oversee commissioning and technical implementation. The company will also train local personnel, ensuring long-term operational success and knowledge transfer.
Strengthening Cuba-Russia Industrial Cooperation
Meanwhile, the project reflects growing economic cooperation between Cuba and Russia. Russia continues to play a key role in supporting industrial modernization across sectors such as steel, chemicals, transportation, and agriculture.
Russia ranks among Cuba’s top international partners, alongside China, Venezuela, and Spain. In addition, both countries have strengthened ties through financial cooperation and joint development initiatives.
Overall, this agreement marks a significant step forward for Cuba’s steel manufacturing industry, supporting modernization and long-term growth.
