One of the world's leading vertically integrated steel and steel-related mining companies, Russian steelmaker Severstal has stated that it will invest RUB 2.5 billion ($45.5 million) to develop flat production in 2015 at the Cherepovets Steel Mill. Almost RUB 1.7 billion ($30.96 million) will be invested in revamping the four-stand continuous tandem cold Rolling mill that is scheduled to launch in 2016.
This project is expected to increase production of cold rolled sheet by 200,000 mt per year and increase supply volume of steel sheets to the automakers. The main supplier of the eqipment is Germany-based SMS Siemag which will deliver basic technical equipment to the mill this year.
"By investing in developing our flat steel production we aim to increase output of high value-added products. These investment projects will enable Severstal to increase its domestic market share in flat steel, while we also increase our focus on import substitution", said the chief executive officer of Severstal's Russian Steel division, Sergey Toropov.