The Russian steel and iron ore producer Metalloinvest Holding (Metalloinvest) has announced that in 2008 the company will increase its total amount of investment in the development of its assets by 1.7-fold year on year to Ruble 27.707 billion ($1.1 billion).
In particular, during the current year Metalloinvest plans to start construction of the third hot-briquetted iron (HBI) mill at its iron ore producing subsidiary Lebedinsky GOK (LGOK). As a result, LGOK's annual HBI production is to increase to 2.8 million metric tons. In addition, Metalloinvest plans to implement a project directed toward increasing iron ore concentrate production at LGOK to 23.7 million metric tons a year.
Meanwhile, at its steel producing facility OEMK, Metalloinvest will start a project aimed at the increase of OEMK's steel production capacities to 3.6 million metric tons per year and also will modernize two metallization lines to increase their production capacities.
At its Ural Steel subsidiary, Metalloinvest plans to start construction works on a new oxygen converter as well as to continue the reconstruction of its hot rolling mill 2800 which will boost Ural Steel's annual hot rolled steel production capacity to 1.2 million metric tons from the current 850,000 metric tons.
Finally, at Mikhailovsky GOK (MGOK), Metalloinvest plans to construct a new calcining machine, which will increase the production of pellets.
In 2007, Metalloinvest produced 100.16 million metric tons of iron ore, 41.3 million metric tons of iron ore concentrate, 1.205 million metric tons of HBI, 6.44 million metric tons of crude steel, 5.207 million metric tons of finished steel products and 2.796 million metric tons of pig iron.