Metalloinvest has signed an agreement with the Belgorod province in Russia to invest RUB 160bn ($2.1bn) on green metallurgy projects in the region.
Under the agreement, the company will develop its Lebendisky GOK and Ugarov OEMK facilities through this investment between 2021 and 2026, Metalloinvest noted in a statement.
Both plants will be equipped with modern facilities to meet domestic and international demand for steel and iron ore while reducing the steelmaker’s carbon footprint and providing at least 1,000 more jobs in the region.
In 2019, Metalloinvest accounted for 39pc of Russia’s iron ore production and has iron ore reserves of approximately 13.9bn mt.
($1=RUB 73.26)