Russian steelmaker Severstal has announced that in the current year it plans to invest approximately RUB 43 billion ($716.36 million) in the development of its facilities. This investment will primarily focus on developing key areas of the company’s strategy including cost control, increasing production of high-value added products and enhancing safety and customer care.
Accordingly, approximately RUB 26 billion ($432.9 million) will be invested in the Severstal Russian Steel division in the current year. RUB 12.1 billion ($201.47 million) of this investment will be invested in development projects including the construction of a new coating line and ladle furnace No. 2 at the company’s Cherepovets Steel Mill. RUB 13.9 billion ($231.48 million) will be invested in maintenance, environmental and health and safety projects in the steel division.
Meanwhile, approximately RUB 17 billion ($283.2 million) will be invested in the Severstal Resources division in this year. RUB 8.4 billion ($139.9 million) of this will be invested in the development of assets and RUB 8.6 billion ($143.24 million) will be invested in the maintenance of Severstal’s coal and iron ore operations.