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 2019Ц2023, the company said. In 2019, capital expenditures are planned at $1.1 billion.
In 2018, NLMKТs capital expenditures stood at $680 million.