Russia's iron-steel investments to increase

Russia’s iron-steel investments to increase

An official from Russia's Industry Department of the Industry and Energy Ministry indicated that the country's investment in iron and steel industry is expected to increase 23 percent year on year to Rubles 90 billion (around $3.12 billion) in 2005. The investments in the non-ferrous metals industry are expected to reach Rubles 75.1 billion (around $2.61 billion) in 2005, an increase of 15 percent from a year earlier. Russia's metals sector accounted for 5 percent of the country's gross domestic product, 15 percent of industrial production and 18 percent of the country's exports.