The Russian steel producer Severstal has announced that it has commenced the implementation of its new investment project - "Program for expansion of plate capacity"- at the flat workshop No.1 at its Cherepovets plant.
In the framework of the program, Severstal plans to invest about Ruble 850 million ($34 million) in the upgrade of its plate producing mill 2800 and in the expansion of this mill's production capacity.
The program is scheduled to be completed in the first quarter of 2009.