MMK to increase rolled steel output

Russian steelmaker Magnitogorsk Iron & Steel Company (MMK) aims to increase rolled product output 12 percent in 2006. This is the first year of a $2.2 billion five-year modernization plan. MMK indicated that the modernization plan would allow the company to spend less on coke and to widen the range of its products. In 2006, MMK will complete the modernization of its long product rolling mills and boost output to 2 million metric tons. MMK said that the company aims to increase steel output to 13.5 million metric tons by 2013.