Ispat Polska to modernize its mill

Ispat Polska to modernize its mill

According to the statement released by Mittal Steel Company, its Polish subsidiary Ispat Polska Stal has signed two agreements to modernize its mill. The first agreement has been signed with Danieli & Meccaniche SpA for the modernization of Ispat Polska's wire rod mill in Sosnowiec. The project will commence in July 2005 and take 15 months to complete. PLN 130 million ($41.7 million) will be invested in the project. The second agreement has been signed with Voestalpine Industrieanlagenbau for installation of a color coating line in Swietochlowice. With this second color coating line, annual capacity of Swietochlowice will increase to 100'000 tons. The project will be completed in 20 months. PLN 130 million ($41.7 million) will be spent for the project. The investments are part of PLN 2.4 billion ($771 million) capital expenditure program under the privatization agreement signed between Mittal Steel and the Polish Ministry of State Treasury.