UPDATE: MMK plans capital expenditures at $850 mln in 2019 - Metals & Mining - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

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

(Adds details in second, third paragraphs)

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.

End

07.02.2019 19:23
 
 
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