MMK says to spend $1.25 bln on development strategy until 2025

MOSCOW, Feb 17 (PRIME) -- Russia’s Magnitogorsk Iron and Steel Works (MMK) plans to spend U.S. $1.25 billion to implement its strategy of development until 2025, Mariya Nikulina, head of MMK’s financial resources department, said in a video published on the YouTube channel of the Moscow Exchange on Thursday.

“MMK plans to spend $1.25 billion on implementation of the development plans until 2025. The share of environmental projects in the strategy’s structure stands at 60%. We expect to reduce emissions to 1.8 tonnes of CO2 per tonne of steel,” she said.

In order to achieve that, the company plans to construct a new blast furnace and launch an upgraded coke-chemical facility that will utilize new technologies. The company also should implement several smaller projects like construction of a gas treatment system and facilities for entrapment of emissions, she said.

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