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.