Russia’s Severstal plans to invest 7 bln rbl in flat-rolled products

MOSCOW, Jun 21 (PRIME) -- Russian steelmaker Severstal plans to invest about 7 billion rubles in production of flat-rolled products at its Cherepovets Steel Mill in 2016, the company said in a statement Thursday.

The company plans to invest about 5.2 billion rubles this year in construction of a metal coating facility, including a non-stop hot-dip galvanizing unit with capacity of 400,000 tonnes per year and a polymer coating facility with production of 200,000 tonnes per year. The project with a total cost of more than 7 billion rubles is to be finished in 2017, the company said.

Severstal also plans to invest about 590 million rubles this year in an upgrade if a cold-rolling mill. The project’s total cost is more than 3 billion rubles, and it will increase the mill’s production capacity by 20%, or by 200,000 tonnes per year.

In February, Severstal said it expected the total amount of investments at about 43 billion rubles in 2016.

(64.1509 rubles – U.S. $1)

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