Russian steelmaker Severstal has announced that it has received approval from Russia's Ministry of Economic Development to obtain financing under the Kyoto Protocol for its environmental projects, enabling the company to cut greenhouse gas emissions by 4.7 million metric tons in 2008 through 2012.
The projects include two large-scale equipment renovation projects, contributing to reducing environmental impact. Under the scope of the construction of shaft furnace No. 2 at Cherepovets Steel Mill, a steel-making furnace and a ladle furnace were built, as well as upgrading a slab line in the electric steel-making shop.
The other large-scale equipment renovation project aims to increase energy efficiency through modernization of steel production by upgrading coke oven battery No. 3 and blast furnace No. 4 at Cherepovets Steel Mill.
Severstal will also channel the financing under the Kyoto Protocol for the implementation of other environmental programs.