Kazakhstan-based steelmaker Qarmet has secured long-term financing for the construction of a new coke oven battery complex following the signing of a credit agreement with the Development Bank of Kazakhstan (DBK), according to a statement released by the latter.
The project involves construction of two modern coke oven batteries with a combined annual production capacity of 1.5 million mt, replacing the aging facilities currently in operation. The investment represents a central element of Qarmet’s broader modernization strategy focused on improving efficiency, reducing production costs and strengthening raw material self-sufficiency.
Target to ensure stable coke supply from 2029
Upon completion, the project is expected to support sustained coke output of around 2.5 million mt per year from 2029 onward, ensuring stable blast furnace operations and long-term reliability across Qarmet’s steelmaking chain.
The total project investment is estimated at $435 million. Under the agreement, DBK will provide financing of up to $337 million through a 13-year loan denominated in Chinese yuan.
Import substitution and environmental upgrades
According to DBK chairman Marat Yelibayev, the modernization program will allow Qarmet to fully eliminate dependence on imported coke by 2029, strengthening domestic raw material security.
The new facilities will also incorporate advanced gas-cleaning systems aimed at reducing emissions and improving regional air quality.