Russian steelmaker Severstal has announced that in the first half of this year it has invested more than RUB 4 billion ($61.65 million) in its Severstal Russian Steel division.
Most of the funds were directed to projects on modernization and technical re-equipment of fixed assets, in particular the reconstruction of units and the implementation of environmental measures.
"All of the major investment projects are implemented according to the established schedule, disbursements are also going according to the plan. In total this year, Severstal will invest RUB 16 billion ($246.6 million) in the steel division and about RUB 12 billion ($184.9 million), or more than 70 percent, will be allocated to projects in the Vologda region," stated Sergey Toropov, the general director of Severstal Russian Steel.