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Severstal approves over 50% increase in iron ore output from Yakovlevsky mine

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Severstal approves over 50% increase in iron ore output from Yakovlevsky mine

PAO Severstal's management approved the business plan for 2018 for the Yakovlevsky mine in Russia, which includes an increase in production of over 50% to 1.3 million tonnes of iron ore.

The increase from the current production of 872,000 tonnes will be achieved in phases spread over several years, according to a Dec. 20 release.

Chairman Alexey Mordashov said output from the Yakovlevsky mine will allow the company to be self-sufficient in iron ore needed for processing at the Cherepovets steel mill.

"At the moment, Cherepovets steel mill consumes about 8 million tonnes of concentrate, of which 4 million tonnes are provided by our MPP (mining and processing plant) in Olenegorsk. The rest is purchased on the market," Mordashov said.