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Novolipetsk adds capacity to Stoylensky iron ore plant; Q3 dividend approved

PJSC Novolipetsk Steel increased production at the beneficiation plant at its Stoylensky iron ore plant in Russia by 800,000 tonnes to 17.4 million tonnes of iron ore.

The company commissioned four additional high-pressure grinding roll, or HPGR, units at Stoilensky. The plant now fully covers NLMK's blast furnace needs in iron ore concentrate with iron content over 65%.

According to the Dec. 22 release, it cost 4.5 billion Russian rubles to implement the HPGR technology at the beneficiation plant and expand ore extraction.

Meanwhile, the company's shareholders approved a dividend of 5.13 rubles per share for the third quarter.

Dividends for the first nine months will total 10.68 rubles per share.

As of Dec. 22, US$1 was equivalent to 58.35 Russian rubles.