Severstal Cherepovets, the main steel producing facility of Severstal Russian Steel, has announced that in 2010-2011 it intends to invest more than Ruble 1 billion ($32.4 million) in the development of its converter steel production. According to Severstal Russian Steel CEO Anatoly Kruchinin, in 2010 the plant plans to produce about 9.5-9.7 million mt of converter steel, while in 2011 it intends to increase its output to 10.5 million mt.
"In order to implement the plans in the converter shop, an investment program is being carried out aimed at developing the production of converter steel, improving its quality, and at developing new steel grades," Mr. Kruchinin said.