Russian steelmaker Severstal has announced that its Russian steel division invested approximately RUB 8 billion ($240 million) in its operations during the first half this year, representing 41 percent of the division's planned capital expenditure for 2013 as a whole.
According to Severstal, the company's investment at the Russian steel division in the first half of 2013 was slightly lower than the same period in the previous year, as a result of the completion of the construction of the Balakovo mini-mill at which the first wire rod production in the pilot production phase is scheduled for October 2013.
The Russian steel division's investment program in 2013 is aimed at developing new products, increasing production capacity and the maintenance of fixed assets. Projects to increase the sales volumes of new products continue to be implemented, including the construction of a steel service center in Vsevolozhsk in the Leningrad region, and the renovation of the Orlov metal fabrication plant which was acquired by Severstal in 2012 to increase volumes for construction sector.