Liepajas Metalurgs issues 2006 results

In 2006 Latvia's largest steelmaker Liepajas Metalurgs produced just slightly more than 560,000 metric tons of crude steel - up one percent, and 665,000 metric tons of finished steel products (mainly rebar and other long products) – up four percent compared to 2005. Being primarily an export-oriented company, Liepajas Metalurgs supplied only 10 percent of its production to the Latvian domestic market in 2006. Meanwhile, 13 percent of the mill's production was shipped to the UK, 12.5 percent was exported to Germany and 11 percent to Ireland. In addition, Liepajas Metalurgs's BoD representative Mr. Valeriy Terentyev has announced details of the mill's reconstruction program, the first phase of which- the installation of a new caster, has already been completed. The larger investment program is planned for the spring of the current year and will require about 3.5 years for completion. Under the Euro 200 million-worth program the old blast furnaces at the mill will be replaced with electric arc furnaces. As a result of this investment program, Liepajas Metalurgs expects to increase its finished steel products output to the level of one million metric tons a year.