UPDATE: MMK plans capital expenditures at $850 mln in 2019

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MOSCOW, Feb 7 (PRIME) -- Russia’s Magnitogorsk Iron and Steel Works (MMK) plans capital expenditures at around U.S. $850 million in 2019, the company said in a presentation on Thursday.

CFO Andrei Yeryomin said in a conference call that capex includes $300 million to be spent on maintenance of existing capacities, and the remaining money will be spent on upgrades of production. Ruble spending accounts for 70% of the sum.

The major projects of the company are construction of a sintering plant and of a coke furnace battery, and reconstruction of a 2500–hot rolling mill, he said.

In 2018, the company’s capital expenditures stood at $860 million, including $204 million in October–December.

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