Severstal plans $1.7 billion of capital investment in 2012

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.