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Such was Economy Minister Vjaceslavs Dombrovskis (Reform Party/Unity) and Russian Ambassador to Latvia Alexander Veshnyakov's opinion, expressed during the opening ceremony of the new Severstallat product line.

"Regardless of the negative impact of these sanctions, I hope that the situation will begin to normalize and that mutual economic relations will become more constructive. This is well confirmed by Russia's investment, which will open up 30 new work places in Riga," Dombrovskis said.

Veshnyakov said that Severstallat is one of the most successful companies in Latvia and also a good example to Latvian-Russian mutual economic cooperation.

"Despite the tough times, we see that when professionals are in charge of matters, everything goes as planned. Investing in the new facility is mutually beneficial, as it will facilitate both Latvia and Russia's economic development," Veshnyakov stressed.

The opening ceremony of Severstallat’s new production line took place yesterday. The new equipment will provide high-quality steel products for the European Union markets. Provisional estimations indicate that the investments amounted to EUR 2.8 million. The total sum of investment in Severstallat reaches a figure close to EUR 43 million.