Magnitogorsk Iron and Steel Works (MMK) plans capital expenditures at around $850 million in 2019, the company said in a presentation on February 7.
CFO Andrei Yeryomin said in a conference call that capex included $300 million to be spent on maintenance of existing capacities, and the remaining money would be spent on upgrades of production. Ruble spending accounts for 70% of the sum.
The major projects of the company are construction of a sintering plant and of a coke furnace battery, and reconstruction of a 2500-hot rolling mill, he said.
In 2018, the company’s capital expenditures stood at $860 million, including $204 million in October-December 2018. (Prime/Ukrainian metal)