Russian steelmaker Severstal has announced that in the current year it will invest RUB 31 billion ($547.18 million) in the development of its Cherepovets Steel Mill (CherMK) and other assets of the Russian Steel division.
Accordingly, Severstal will invest more than half of the total amount of funds in development projects, the largest of which is the construction of a new blast furnace No. 3 with a design capacity of 2.9 million mt of pig iron per year and a coke oven battery No. 11 with coal bumper tampon technology.
The remaining volume of investments will be directed to maintaining production capacities, improving the industrial safety system of the division and the activities of the environmental program.
Meanwhile, in the current year, investments in energy infrastructure projects will quadruple in comparison with the previous year.