Ukrainian mining and steel producing group Metinvest has announced it will allocate UAH 5.7 billion ($136.81 million) to its mining and processing plants in Kryvyi Rih this year.
Accordingly, the company will use over UAH 1 billion ($24 million) of the budget to repair the equipment and facilities at its plants, ensuring the stability of production processes, improving the quality of its products to maintain its competitiveness and reducing the costs of its iron ore production.
In the meantime, Metinvest will invest UAH 1.3 billion ($31.20 million) in total to increase its energy independence this year. In line with the target, it plans to build gas-fired power plants with a capacity of about 20 MW and a solar power plant with a capacity of 23 MW.
