Metinvest to invest $1 billion every year through 2020 for steel, iron production

Metal Recycling News  |  2012-02-08 07:02:55   |   By

Metinvest, Ukrainian mining and steel producing group, has said that it will invest $1 billion every year through 2020 for development of its subsidiaries Azovstal and Ilyich Iron and Steel Works of Mariupol, both based in Mariupol.

NEW YORK (Scrap Monster): Metinvest, Ukrainian mining and steel producing group, has said that it will invest $1 billion every year through 2020 for development of its subsidiaries Azovstal and Ilyich Iron and Steel Works of Mariupol, both based in Mariupol.

Metinvest aims to increase joint annual steel output at these steel plants by 35% to 16 million metric tons and reduce the amount of specific emissions by five times down to 7 kg per ton of crude steel. During the modernization of production facilities, the company plans to improve production efficiency while reducing negative effects on environment.

According to Metinvest, it will have invested $8 billion by 2020 and the measures to be taken in 2012 will reduce emissions by 20%.