KIEV, Feb. 26 ??“ Interpipe, Ukraine??™s largest producer of steel pipes and train wheels, will build a $610 million steelmaker within the next 26 months to reduce costs, a company announced Monday.

The new electric furnace steel-making complex, to be known as Interpipe Steel, will have target capacity of 1.32 million metric tons of steel annually. It will be built by Italy's Danieli at Nyzhniodniprovsky pipe plant owned by Interpipe.