Ukrainian steelmaker Zaporozhstal intends to switch completely from its current open-hearth method in steel production to the converter method by 2014.
The company's project for modernization of steel production will cost about UAH 10-11 billion ($1.99-2.2 billion) and will require the attraction of investors and also credit from the world's financial institutions.
This modernization will allow Zaporozhstal to reduce damage to the environment.