Severstal mulling construction of pelletizing complex in Cherepovets, investments estimated at 70 bln rubles

YEKATERINBURG/MOSCOW. Sept 28 (Interfax) - Severstal is mulling construction of a pelletizing complex in Cherepovets and estimates the relevant investments at approximately 70 billion rubles, Sergey Sharygin, head of the company's Investment Development Department, said at the International Forum on Construction and Design Development in Yekaterinburg on Thursday.

The preliminary timeline for project implementation is 2023-2026.

"We are talking about a project which is in the development stage. In case of a positive decision, we will inform the market of the details in due time," Severstal told Interfax when asked about the project parameters.

At the beginning of the year, Severstal announced that investments in 2023 are planned at $1.1 billion, of which $544 million will be allocated to projects to maintain existing capacities. The company intends to allocate $449 million to development projects this year, with another $135 million to be invested in IT, digitalization of production, environmental projects, improvement of industrial safety systems and occupational health and safety. Most of the company's investment program is denominated in rubles.