NLMK to invest $2.1 bln in production development until 2023

MOSCOW, Mar 4 (PRIME) -- Russian steelmaker Novolipetsk Steel (NLMK) plans to invest around U.S. $2.1 billion in production development until 2023, the company said in a presentation on Monday.

The company plans to allot $510 million to increase steel production at its Lipetsk facility by 1 million tonnes a year and $420 million to build a power plant.

Average annual capital expenditures may amount to around $900 million in 2019–2023, the company said. In 2019, capital expenditures are planned at $1.1 billion.

In 2018, NLMK’s capital expenditures stood at $680 million.

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