Russian steelmaker
Severstal has announced its plans to invest $1.7 billion in 2012 to support its growth and long-term competitive strategy.
Severstal's
investments include further modernizing and improving its operations, raising standards of health and safety and developing new projects both in
Russia and internationally.
According to
Severstal's statement, the company will invest approximately $905 million in
Severstal Russian Steel, approximately $659 million in
Severstal Resources and approximately $104 million in
Severstal North America (SNA) in 2012.
The key projects to be carried out with these
investments are the construction of a mini-mill in Balakovo in
Russia's Saratov region, the renovation of other production units and modernization of coal and iron ore mines, ore-dressing plants and coal preparation plants.