Mechel announces development program up to 2011

The Russian steelmaker Mechel has announced a development program for its metallurgical division covering the period up to 2011, which is aimed at increasing the company's steel production capacity by 7.5 times as well as boosting the company's domestic stainless steel market share. In particular, Mechel is planning to modernize hot and cold rolling mills at its Chelyabinsk Metallurgical Plant. This modernization program will allow Mechel to increase its domestic market share for hot rolled from the current 39 percent to 80 percent in 2011 and for cold rolled from 15 percent to 50 percent during the same period. Mechel representatives also emphasized that the antidumping duty imposed on EU stainless steel imports, which came into effect on March 21, will help the company to increase its domestic stainless market share.