Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that it has started the modernization of the electric arc furnace (EAF) shop at its subsidiary Ural Steel. The program includes the technical re-equipping of blast furnace and steel-smelting operations and is aimed at increasing the operational and management efficiency of the enterprise. The total capital expenditure of the project will amount to approximately RUB 2 billion ($31.45 million) until 2020.
Metalloinvest stated that, as part of the modernization program, it has signed a contract for the supply of two electric arc furnaces with Italian engineering group Tenova. The commissioning of the EAF No. 2 is scheduled for the first quarter of 2019, and that of EAF No. 1 for the third quarter of 2019.