Russia's Novolipetsk increases 9 month steel output

Russia’s Novolipetsk increases 9 month steel output

Russia's third largest steel producer, Novolipetsk has announced that in the first nine months of 2004 the company raised steel production by 4% compared to a year ago. Like many other Russian steel producers Novolipetsk has benefited from high global steel prices enabling it to modernize its facilities and increase its production. In the January-September period steel output increased to 6.9 million tons, while commodity-grade steel production rose by 6% to 6.5 million tons, according to the statement released by the company. Moreover, cast iron production increased by 5% on a year-on-year basis up to 6.72 million tons, in comparison to the January-September period of last year. In all of last year Novolipetsk produced a total of 8.2 million tons of steel and steel products.