Severstal reduces 2014 investment to below $1 billion

Monday, 10 February 2014 16:54:31 (GMT+3)   |  
       

Russian steelmaker Severstal announced it plans to invest $976 million in 2014, lower than compared to $1.3 billion in 2013, focusing on key elements such as enhancing operational efficiency, reducing operational and administrative costs and further improving the product mix.
 
The company plans to spend about $487 million on Severstal Russian Steel division, including $150 million for the completion of constructing a long product mini-mill in Balakovo in the Saratov Region, revamping of continuous cold rolling mill 1700 in Cherepovets and the completion of the development of a specialized steel service center in Saint Petersburg.
 
Investments in the resource operations will amount to about $404 million in 2014, including $195 million on the consolidation of the Vorkutaugol's Zapolyarnaya and Vorkutinskaya mines, while the spending on the maintenance of coal and iron ore operations and health and safety improvement projects are planned at $209 million.
 
The company also plans to invest $85 million in Severstal North America.

Similar articles

Mechel’s output and sales mainly decrease in H1

31 Aug | Steel News

Russia’s Mechel posts higher crude steel and pig iron outputs for Q1

01 Jun | Steel News

Russia’s Mechel posts slightly higher crude steel and pig iron outputs for 2022

24 Mar | Steel News

Ukraine’s Metinvest sees 65% fall in pig iron output in Jan-Sept

22 Nov | Steel News

China cuts billet, scrap, pig iron import tax to zero: non-ASEAN semis sellers to benefit

28 Apr | Steel News

Ind-Ra: Indian steel sales volumes to improve in FY 2021-22, demand to rise sharply

19 Mar | Steel News

Mechel’s output and sales recover in Jan-Sept amid business revival

23 Nov | Steel News

Increases recorded in Chinese futures markets on December 1

01 Dec | Steel News

Further declines recorded in Chinese futures markets on November 30

30 Nov | Steel News

Declines recorded in Chinese futures markets on November 29

29 Nov | Steel News