Russian steelmaker Guryevsk Metallurgical Works (GMZ) has announced that in 2010 it plans to invest Ruble 304.7 million (about $9.8 million), up 99 percent compared to 2009, for the implementation of its program of further development of the plant, aimed at expanding its product range.
As SteelOrbis previously reported, over the past few months GMZ has developed the production of angles of 125 x 125 x 9 mm size, of channels No. 16, of steel balls of 120 mm diameter, and of longs of 11.7 m in length, which has allowed the plant to expand its sales market and to fully load its rolling equipment.
In January-May this year the steelmaker increased its crude steel output by 72.1 percent compared to the same period last year, producing 76,700 mt.
Meanwhile, in the first five months of 2010, GMZ increased its rolled steel product output by 356.4 percent to 95,000 mt compared to just 20,800 mt in the same period last year, and upped its steel grinding balls production by 115.3 percent to 39,400 mt compared to 18,300 mt produced in January-May 2009.
In May this year, GMZ produced 19,000 mt of steel - up two percent, 20,500 mt of rolled steel products - up three percent, including 7,400 mt of steel grinding balls - down 12 percent, all compared to April of the current year.