Russian steelmaker Severstal has shared its investment plans for this year.
In 2024, the company plans to invest a total of RUB 119 billion ($1.31 billion) in its operations, up 64 percent year on year. Of all the total investment, Severstal will spend RUB 54 billion ($592.11 million) to maintain its existing capacities and another RUB 48 billion ($526.30 million) for development projects. The company will invest RUB 10 billion ($109.65 million) in IT and digital projects, while it will allocate over RUB 7 billion ($76.76 million) to protect the environment and improve safety systems and labor protection.
“A significant part of our investments this year will be aimed at technical re-equipment of the first stages of our key asset - the Cherepovets Iron and Steel Works; while the implementation of our largest project - the construction of a complex for the production of iron ore pellets worth about RUB 97 billion ($1.06 billion) - will enter the active phase. These activities will entail a fundamental change in the technological chain of iron production, designed to ensure our competitiveness in the long term, both in terms of cost control and the implementation of our sustainability goals. We have also developed a range of initiatives aimed at expanding our offering to customers, increasing the share of high value-added products in our sales portfolio and further strengthening our position in the market. In addition, we will continue to invest in ensuring our resource security: among the key projects in this area are increasing the production capacity and production volumes of the Yakovlevsky GOK and the development of the Pechegubsky deposit at Olkon,” Severstal CEO Alexander Shevelev stated.