Russian steelmaker Novolipetsk Steel (NLMK) plans to invest around $2.1 billion in production development until 2023, the company said in a presentation on March 4.
The company plans to allot $510 million to increase steel production at its Lipetsk facility by 1 million tons a year and $420 million to build a power plant.
Average annual capital expenditures may amount to around $900 million in 2019–2023, the company said. In 2019, capital expenditures are planned at $1.1 billion.
In 2018, NLMK’s capital expenditures stood at $680 million. (Prime/Ukrainian metal)