Russian steelmaker Severstal has announced that Alexey Mordashov, the chairman of the board of directors of the company, has approved the next year’s business plan of its Yakovlevsky iron mine, which includes an increase in iron ore production phased over several years. Accordingly, in 2018, Severstal plans to increase iron ore production at Yakovlevsky mine by more than 50 percent to 1.315 million mt compared to the current year’s level.
Mr. Mordashov stated that the main goal of production growth is to increase the plant’s self-sufficiency in raw materials. According to Mr. Mordashov, at the moment, the company’s Cherepovets Steel Mill consumes about eight million mt of concentrate, of which 4 million mt are provided by its mining and processing plant in Olenegorsk, while the rest is supplied from the market. The Yakovlevsky mine will potentially provide Severstal with 100 percent self-sufficiency in iron ore products, Mr. Mordashov added.
In addition, during 2018, Severstal will invest in equipment upgrade and capital mining operations in the majority of its mines.