Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has announced that its capital expenditures for the current year will total around $700 million. Total capital expenditure (capex) during 2011 was $1.15 billion, down 48 percent year on year. In particular, MMK invested $181 million in property, plant and equipment during the fourth quarter of 2011 ($264 million in Q3 2011, $328 million in Q2 2011, $381 million in Q1 2011).
An expected increase in demand for steel in Russia in 2012, the introduction of new products at
Magnitogorsk (cold-rolled Mill 2000) and MMK Metalurji reaching full production capacity will allow MMK Group to increase output of finished steel products in 2012.