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Severstal plans capital expenditures of $1.1 billion in 2023

6 Feb 2023 16:16 reported by Joy Liu

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Severstal, a company mainly working in the steel and mining industry in Russia, planned to invest approximately US$1.1 billion in 2023, to develop its Russian steel and resource divisions.

Among them, US$544 million will be spent to maintain existing capacities, and US$449 million will be used for the company's development projects and the improvement of product quality and cost efficiency, beneficial to production and sales for both domestic and export markets.

In addition, US$76 million will be invested in IT and digital projects, and US$59 million was planned to be spent to raise the industrial safety system and labor protection.

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