Russia-headquartered steel giant Severstal intends to invest around $1.1 billion in the development of its domestic assets, including Severstal Russian Steel and Severstal Resource. In addition, the company aims to remain focused on the development of information technologies, industrial security, and environmental projects.
According to the company’s statement, it intends to spend $544 million in supporting existing capacities, while $59 million will be spent on the improvement of industrial security systems and environmental investments. In the meantime, digital and IT projects will cost around $76 million. Particularly, Severstal plans to develop domestic software for industrial competence centers, which is most probably related to Western sanctions and the inaccessibility of previously used software.
At the same time, Severstal plans to spend $449 million on the improvement of product quality, increasing cost efficiency, and the development of new product groups to be manufactured and sold in the domestic and export markets.