According to the Kazakhstan government press service, Qarmet, formerly known as ArcelorMittal Temirtau, in December last year increased steel production volumes and revised ferroalloy and coal reserves upwards, while finished product shipments were resumed, following the acquisition of the company by the Qazaqstan Investment Corporation, a state-controlled direct investment fund. In December last year Luxembourg-based steelmaker ArcelorMittal completed the sale of its subsidiary ArcelorMittal Temirtau to the Qazaqstan Investment Corporation, as SteelOrbis previously reported.
During a meeting held regarding Qarmet's activities, participants discussed the issues of providing the plant with the necessary raw materials, providing support measures for the export of finished products, and eliminating identified environmental violations. Last month, KZT 28.6 billion ($62.76 million) was invested in stabilizing the enterprise’s activities.
Qarmet aims to increase production volumes and reduce costs by concluding new investment contracts in 2024. In the coming years, measures will be taken to modernize and reorganize production and the environmental situation (including switching to gas), and to revise the range of products.
ArcelorMittal Temirtau had an annual crude steel production capacity of four million mt.