Coking coal production at Belon enterprises will rise by 44%

In 2010 Magnitogorsk Iron and Steel Works plans to increase coking coal production at Belon enterprises by 44%.

In October 2009 MMK completed a transaction on consolidation of 82.6% of Belon, one of the biggest Russian coal producers’ stake. Almost at the same time Belon received from the Russian government state guarantees for USD 3.7 billion line of credit. At the end of October V. Rashnikov, Chairman o0f Board of Directors, MMK met with A. Tuleev, Governor of the Kemerovo region to discuss not only future prospects of the coal company, but also current situation in the coal industry of the region, and raw materials supplied to MMK.

Capital costs at Belon enterprises in 2010 will reach about USD110 million.

Source: Magnitogorsk Metal