Russian steel mill Magnitogorsk Iron and Steel Works (MMK) plans an annual average investment of about $1.4 billion over the next ten years for the expansion of its production, according to Alexander Permyakov, head of MMK's investment management department.
The implementation of the investment program during the 2008-2013 period will allow MMK to expand its production range, to increase its output of high-value added commercial steel products by three million mt, and to reach an annual production of 16 million mt of crude steel products and 15 million mt of commercial rolled steel products. The program also includes the development of a strategy aimed at guaranteeing self-sufficiency in raw material supplies.
MMK invested more than $900 million in technical modernization in 2007 and, in line with its budget, the company plans to invest $2.2 billion in 2008.