Severstal’s Vorkutaugol to double investments in 2011

Friday, 03 September 2010 17:38:14 (GMT+2)

Vorkutaugol, a coking coal producing subsidiary of Russian steel producer Severstal, plans in 2011 to almost double its investments to Ruble 3.4 billion ($111 million) compared to Ruble 1.8 billion ($58.8 million) in investments planned for 2010.

Accordingly, in 2011 Vorkutaugol plans to invest Ruble 1.1 billion ($36 million) in the maintenance of production and infrastructure, and Ruble 0.7 billion ($22.8 million) in modernization and development.

In 2010, Vorkutaugol's production of raw coal is expected to increase by 12.5 percent year on year to 12 million mt, of which more than 7 million mt will consist of commercial products. Meanwhile, the company's production of coking coal in the given year is expected to amount to 4.2-4.4 million mt.

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