Severstal to Raise Investment in Environmental Protection by 17.6% in 2003

Severstal is planning to raise investment in environmental protection in 2003 by 17.6% to USD 7.86 million. As the company press office announced on Wednesday, February 5, one of the most important steps in this area will be to complete the construction of a desulfurization complex and also a pilot plant for recycling inorganic waste.

Severstal spent about USD 6.68 million on environmental protection projects in 2002. USD 5.09 million went towards the construction of seven environmental protection units which allowed the company to cut the discharge of contaminants by 3.3 million cubic metres. Taxes incurred for environmental damage in 2002 totaled USD 1.87 million.

Severstal, which is located in Cherepovets (Vologda Region) is a leading Russian producer of steel and metal products. It is the leading enterprise of the Severstal Group holding. The company's authorised capital stock totals around USD 173.5 thousand. In 2002 Severstal increased the production of rolled metal to 8,534 thousand tonnes, a year-on-year increase of 5.6%. Severstal group holding also includes Severstal-Avto, Severstal-Resurs and Severstal-Trans. Industrial enterprises include UAZ, Zavolzhsk Motor Factory, Karelsk Pellets, Olenogorsk Mining Plant and others.

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