Russia-based Severstal, one of the world’s leading vertically integrated steel and steel-related mining companies, has announced that it plans to invest US $1.3 billion in 2013 to support its growth and long-term competitive strategy.
In 2013, investments planned by Severstal at each of its divisions include $704 million at Severstal Russian Steel, $525 million at Severstal Resources, and $107 million at Severstal North America including $60 million invested in maintenance programs.
According to the company's statement, in 2013 Severstal will continue to invest in its long-term development, with its primary focus on its Russian steelmaking and mining assets. The company said it is adopting a prudent approach to its capital expenditure, adjusting investment to market conditions and not raising new debt funds.