OAO Severstal announced details of its 2014 investment program, which is designed to support its development strategy and long-term competitiveness. Russia’s Severstal plans to invest $976 million this year with a focus on enhancing operational efficiency, reducing operational and administrative costs, improving its product mix, and improving health and safety. Planned investment at Severstal North America will be approximately $85 million. Planned investment at Severstal Russian Steel is approximately $487 million, with $150 million going to development projects including completion of a long-product mini-mill in Balakovo, revamping of a four-stand continuous tandem cold-rolling mill in Cherepovets, and completion of a specialized steel service center in Saint Petersburg.
Severstal to Invest $976 Million in 2014
February 7, 2014