The Russian steel and pipe producer United Metallurgical Company (OMK) has announced that in 2011 it plans to increase its investments in the development of its production facilities at Vyksa Steel Works (Vyksa) and at its foundry and rolling facility by 36 percent year on year to Ruble 18.5 billion (about $630 million).
According to the company's statement, in 2011 the main funds will be directed towards the completion of the construction of the mill 5000 with an annual capacity of 1.2 million mt of wide sheet of up to X120 strength grade with enhanced application properties for the production of large diameter pipes of a new generation, and towards the upgrade of small and medium diameter steel pipe production at Vyksa. In addition, OMK's investments in 2011 will be also directed towards the construction of a new shredded scrap production plant with a capacity of one million mt per year at its foundry and rolling facility.