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Main / News / Business news
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Leading Russian metals producer expands output in Jan.-Feb. |
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03/09/2006
MOSCOW, March 9 (RIA Novosti) - A leading Russian metals producer said Thursday that its metal output had expanded 9% in January-February 2006 year-on-year, to close to 2 million metric tons.
The Magnitogorsk Metallurgical Plant, the former Soviet steel industry's flagship plant, located in the Urals area, produced 1,704,700 metric tons of metal in the reporting period, the plant said in a statement.
The plant's exports accounted for 52.1% of its output in January-February 2006, compared to 56.5% in the same period of 2005.
The Magnitogorsk Metals Plant is Russia's largest iron and steel producer, accounting for 20% of domestic metals sales.
The metals giant's sales totaled an estimated 147.5 billion rubles in 2005 (about $5.1 billion), an increase of 10% compared to 2004.
In accordance with its investment program until 2013, the enterprise will invest more than $1 billion to upgrade its facilities.
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