MAIR plans massive investments by 2010

The Russian scrap processor and steel producer Industrial Group MAIR is planning to invest approximately Ruble 5.4 billion ($208 million) in the modernization and development of its scrap processing and steel making facilities up to 2010. In particular, MAIR is planning to modernize its scrap processing facilities at Vtorcherment, as a result of which the scrap processing volume is expected to increase from the current 2.34 million metric tons a year to 3.1 million metric tons a year by 2010. Furthermore, by 2010 MAIR is planning to build a new mini-mill with an annual production capacity of 1.1-1.2 million metric tons of finished steel products at the premises of its existing STAKS plant in the Rostov Region. In addition, the production of pig iron at the STAKS plant is to be increased from the current 151,000 metric tons a year to 180,000 metric tons a year.