Reuters reported that Russian steelmaker Magnitogorsk Iron & Steel Works plans to invest USD 1.4 billion annually over the next 10 years in order to increase output and produce more value added steel.

MMK is one of several Russian steelmakers investing heavily to upgrade their ageing Soviet-era production assets. It said "In order to achieve its strategic goals, MMK is carrying out a large scale investment program at its core production platform in order to increase efficiency by upgrading existing assets, installing new equipment and introducing new technologies.”

MMK said that the investment will exceed USD 2.2 billion in the current year.

In 2008-2013, the company plans to launch production of high quality cold rolled and hot rolled plate for the domestic market. MMK hopes to achieve annual steel production of 16 million tonnes in the period, up from 13.3 million last year.