The reconstruction of the continuous hot dip galvanizing line is part of the previously announced investment program for Severstal Cherepovets worth Ruble 2 billion ($77 million).
In addition, Severstal has also announced that it is currently in talks to acquire a possible loan of up to €500 million from the European Bank for Reconstruction and Development (EBRD) in order to finance some of its projects.
The EBRD is expected to look into this issue on September 18.