CEO says Russia’s NLMK plans to raise CAPEX in 2019

MOSCOW, Oct 25 (PRIME) -- Russian steelmaker Novolipetsk Steel (NLMK) plans to raise capital expenditures in 2019 from U.S. $650–700 million expected in 2018, CEO Grigory Fedorishin said at a conference call on Thursday.

He said that the company plans to raise capital expenditures in the next two to three years to support capacities, in particular, to rebuild two blast furnaces and two convertors.

“This way, capital expenditures will be higher next year as compared with 2018. But the precise figures depend on capital expenditures on development, this is an item of a strategy which must be approved by the board of directors,” Fedorishin said.

End