Mechel Company ended re-equipment works at its special steel plant in Targoveiste (90 km north-east of Bucharest), investing 8.7 million euros in the modernization of the lamination equipment making average steel profiles, reads Company’s release to the Bucharest Stock Exchange (BVB).
The Company expects the re-modernization to bring total savings of round 2.3 million euros per year.
The re-equipment included the heating furnace and the rolling mill, the latter becoming operational on this Aug 16.
The re-equipment included the heating furnace and the rolling mill, the latter becoming operational on this Aug 16.
"The finalization of this project continues Mechel investments projects aimed at the thorough modernization of its steel and rolling assets in Romania," said Mechell Management Company general director Vladimir Polin.
The Targoviste-based Mechel special steel maker posted a net profit worth 65.7 million lei (about 18 million euros) in the first half of the year, by 4.65 times higher than in the H1, 2007.
The Company’s main shareholders are Mechel International Holding AG wning 86.6% of the stocks and SIF Oltenia Investment Fund holding 8.92% of the stocks.
Mechel is an international holding group with activities in fields such as mining, iron and steel industry and it holds coal, ore and nickel mining companies, steel, and rolled steel and wire makers.
In Romania, Mechel International Holdings AG also controls two more steel mills namely Mechel Targoviste and Mechel Campia Turzii, both making carbon and high alloy steels. Mechel fully took over the Romanian Ductil Steel maker, for 142 million euros (221 million USD), in April 2008.
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