MMK to invest $350 million to expand production

MMK to invest $350 million to expand production

Recent market news reports that Russian mill Magnitogorsk Metallurgical Combine (MMK) is planning to invest $350 million to expand production of crude steel and value-added steel. To expand production of value added products, MMK is planning to install two continuous casting machines, which will produce 2 million tons of billet. Moreover, MMK is reported to have signed an agreement with the Austrian firm Voestalpine Technologie AG for the establishment of two electric furnaces, which will expand crude steel production by 2 million tons.