Severstal to Invest USD 220 Million in Improving Production in 2003

Severstal is planning to invest USD 220 million in improving production in 2003. As the company press office reports, this was announced on Friday, January 17, by General Director Anatoly Kruchinin. He said that in view of the higher production targets in 2003 and the more complex range of products there will be investment in all areas of production.

In particular, there are plans to modernise and improve the current facilities for chemical-recovery coke production. A new blast-furnace will be installed. This year will also see the next stage of improvement in the electric-furnace plant, which will mean a greater production of slabs. Also a new plant for the desulfurization of cast-iron will be brought into production this year.

Severstal (Cherepovets, Vologda Region) is a leading Russian producer of steel and other metal products and is the leading industrial enterprise of the Severstal-group holding. The company's authorised capital stock totals USD 173.5 thousand. In 2002 the company produced 8,534 thousand tonnes of rolled metal, a year-on-year increase of 5.6%. Severstal-group also includes companies Severstal-Auto, Severstal-Resource and Severstal-Trans. The holding's other industrial enterprises include the UAZ car plant, Zavolzhsk Motor Factory, Karelian Pellet, Olenegorsk Mining Plant and others.

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