Kazakhstan-based steelmaker Qarmet, formerly known as ArcelorMittal Temirtau, has announced its plans to invest $3.5 billion in its operations over the next five years.
Accordingly, $300 million of the total investment will be allocated to improving the safety of its coal mines, while the remainder of the amount will be spent on modernization works and environmental programs. Additionally, the company has begun implementing underground degassing and methane control procedures. Qarmet also aims to produce unique products for the CIS, which will strengthen its position in the global markets.
“The market remains extremely competitive. There is a huge Russian market next to us, both as a consumer and a competitor. After the introduction of sanctions, Russian steelmakers actively entered the central Asian markets. Our company has to compete with giants that produce 10-12 million mt of steel per year. Nevertheless, due to reduced production costs, Qarmet has begun to increase its presence in the steel market,” Zaure Zaurbekova, board member of Qarmet, stated.
Meanwhile, over the past year, the company achieved the impossible, increasing its steel production by 15 percent and its pig iron production by 12 percent.