OREANDA-NEWS. April 14, 2010. The modernization of the blast furnace #3 continues at Enakievskiy Steelworks <ENMZ UK BUY>. According to the CEO of the Company Mr. Podkorytov’s announcement, the completion of the project with a total worth of USD 261mn has been scheduled for the middle of the current year. The project is aimed at a comprehensive modernization of the furnace. In addition to the 1.7 time increase of the furnace operating volume, its coke consumption will be decreased by 12% as well due to higher temperatures of the blasting process. The furnace will be equipped with a pulverized coal injection unit which will permit to cut the consumption of natural gas, which is prohibitively expensive now. The emissions in the air will be decreased by 40% due to the installation of the modern purification systems.

Millennium Capital: this news is undoubtedly POSITIVE for the Company. Millennium Capital would also like to note that this large scale modernization is possible thanks to the financial support by Metinvest Group, which is the owner of the Company. The deep vertical integration has once again demonstrated its advantages.