Severstal to invest approx. RUB 43 billion across its business in 2016

Tuesday, 02 February 2016 12:08:21 (GMT+3)   |   Istanbul
       

Russian steelmaker Severstal has announced the details of its 2016 capital investment program aimed at supporting its operational excellence and long-term competitiveness. 

According to Severstal, it plans to invest approximately RUB 43 billion ($551.31 million) across its business in 2016. This investment will primarily focus on developing key areas of the company’s strategy including cost control, increased production of high-value added products and enhancement of customer care.

Planned investment across the Severstal Russian Steel division in 2016 is approximately RUB 25.6 billion ($328.24 million). RUB 15.2 billion ($195 million) of this will be invested in development projects including the construction of a new coating line and ladle furnace No. 2, and revamping the four-stand continuous tandem cold rolling mill, all at the Cherepovets steel mill. RUB 10.4 billion ($133.43 million) will be invested in maintenance and environmental improvement projects.

In 2016, RUB 10 billion ($128.32 million) will be invested in the maintenance of Severstal’s coal and iron ore operations as well as in health and safety improvement projects.

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