The steel giant ArcelorMittal intends in 2010 to reduce annual investments in its Kazakhstan-based subsidiary ArcelorMittal Temirtau by 39 percent year on year to $75 million, the Interfax-Kazakhstan news agency has reported.
In 2010, up to $21.5 million out of the $75 million sum will be spent on a safety measures program. ArcelorMittal Temirtau plans to complete the installation of automated systems to monitor safety parameters at all its mines, and to continue re-equipping the mines with modern ventilators and electrical starting equipment.
In addition, ArcelorMittal Temirtau intends to purchase 35 units of tunneling equipment worth $5.7 million, to buy new equipment for coal extraction for $9.5 million, as well as to upgrade existing equipment at a cost of $3 million.
In 2009, ArcelorMittal Temirtau planned to invest $123 million, of which $18.2 were earmarked for its safety measures program.
Meanwhile, from December 9, Arcelor Mittal Temirtau is to implement a shorter workday regime, due to the lack of orders for its products.
"December and January have always been problem months, when the orders for our products are very low. Of course, this affects profits. It was therefore decided to implement a shorter workday regime, in order to save working places," Arcelor Mittal Temirtau's personnel department chief Sergey Fedoseev said.