In 2010 Russia's Magnitogorsk Iron and Steel Works plans to increase coking coal production at its 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 Mr V Rashnikov chairman of Board of Directors MMK met with Mr 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 USD 110 million.
Source: Steel Guru
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