January 23, 2020 / 1:54 PM / a month ago

Russia's NLMK says 2020 capex to exceed $900 mln - Ifax

MOSCOW, Jan 23 (Reuters) - Russian steelmaker NLMK sees its capital expenditure exceeding $900 million in 2020, the Interfax news agency reported on Thursday, citing chief executive Grigory Fedorishin.

“We confirm capex in 2019 at $1 billion, as previously announced,” Fedorishin was quoted as saying. “The annual average of $900 million during the current 5-year cycle is also confirmed.”

“Though average capex will stay at $900 million, it may be higher during some years. This year’s capex will be higher,” he added.

NLMK will also begin construction of a plant producing transformer steel in India, which is planned to have an annual capacity of 65,000 tonnes, in the second half of this year, the agency cited Fedorishin as saying. (Reporting by Andrey Ostroukh; Writing by Polina Ivanova; Editing by Jan Harvey)

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