“Severstal’s investment priorities for 2012 include further modernizing and improving … operations, raising standards of health and safety and developing new projects both in Russia and internationally,” the company said on Monday.
Specifically, Severstal said it would earmark $659 million for Severstal Resources for key projects including the modernization of its coal and iron ore mines as well as ore-dressing plants and coal preparation facilities.
It will also install new equipment and commission a thermoelectric power station to burn coal mine methane in Vorkuta.
Greenfield project developments for the Tuva complex in Russia, Liberia and Brazil will also be developed under the budget.