Metalloinvest, a leading global iron ore and hot briquetted iron (HBI) producer based in Russia, has announced that it will invest over RUB160 billion ($2.18 billion) in the development of Lebedinsky GOK and Alexey Ugarov OEMK in the 2021-26 period, as a part of the agreement between the company and the Belgorod region on attracting investment for green metallurgy projects to help drive the sustainable socio-economic development of the region.
The investment will enable the company to meet domestic and international demand for high quality iron ore and steel while also reducing carbon emissions. More than 1,000 high-qualified jobs will be created.
According to the agreement, Metalloinvest will invest in six projects in its enterprises in the Belgorod region, including construction of the technological section of the beneficiation plant at Lebedinsky GOK to increase production of high quality iron ore concentrate, the construction of blast furnace No. 5 at Lebedinsky GOK for premium pellet production, the purchase of new equipment as part of the modernization of the mining transportation division at Lebedinsky GOK, the comprehensive modernization of DRI Plant No. 3, and the construction of electric arc furnace No. 5 and Integrated Steel Processing Unit No. 4 at Alexey Ugarov OEMK, to enable a reduction in production costs and environmental impact, and to improve steel quality.
The government of the Belgorod region will assist Metalloinvest’s investment projects, including supporting efforts to raise funds for the construction and modernization of external energy, transport, engineering and social infrastructure facilities.