Severstal initiates renovation of continuous slab caster

Severstal initiates renovation of continuous slab caster

According to latest market reports, Russian steel producer Severstal has initiated to renovate its continuous slab caster in order to increase its annual production capacity to 2 million tons. The caster's annual capacity is 800'000 tons. The renovation is scheduled to complete in 2 years and will cost $50 million. The company also considers to construct a new steel furnace, revamp the vacuum degasser and install a second ladle furnace. With this investment, Severstal could produce higher quality shipbuilding steels. The company expects to increase its shipbuilding steel shipments by 15% in 2003 when compared to 74'000 tons in 2002.