Metalloinvest reviews timeframe, goals of expansion strategy - top manager

MOSCOW. Oct 12 (Interfax) - Metalloinvest, a major Russian iron ore and steel producer, has reviewing its strategy for expansion, including the timeframe of projects to build new hot briquetted iron (HBI) production facilities, the group's director of strategy, Yury Gavrilov told reporters on the sidelines of Russian Energy Week 2022.

The strategy "will be reconsidered taking into account goals, objectives and timeframes," he said.

"The first phase of the strategy [to 2026] consists of a whole set of decisions, including the projects that we mentioned. We are now reviewing them. I'm not prepared to say at this point by how much we will postpone," Gavrilov said when asked by how long the construction of a fourth HBI line at Lebedinsky GOK and the Mikhailovsky HBI project might be delayed. Both were scheduled to be launched in 2024.

Commenting on shipments of products from iron ore division Mikhailvosky GOK after the end of transit through Lithuania, he said the problem has not been solved completely yet.

"With the support of the government we are tackling this problem. It's not easy, there's no one solution, but we're working on this and, I believe, we're working fairly successfully in these conditions. But we haven't resolved it completely, we need the support of [Russian Railways]," Gavrilov said, recalling that eastern railways are being considered for redirecting exports.

Metalloinvest approved a strategy to 2032 last year that includes two phases. The first, to 2026, calls for production of pellets and HBI and direct reduced iron, and improving the quality of iron ore raw materials. The second phase will focus on introducing green technologies.