Severstal to invest in production facilities

Severstal is planning to invest $2.4bn in the development of its rolling facilities in Russia until 2011, Anatoly Kruchinin, head of the Russian steel producer's Severstal Russian steel division told journalists today according to RBC. He noted that this step was expected to result in a 25-percent increase of its rolled steel production, up to 13m tonnes. Kruchinin also said that the development of rolling facilities would be carried out in the form of a construction of two small plants and the modernization of Cherepovets metallurgical plant.