OREANDA-NEWS. Metinvest has signed an agreement with the leading metallurgical equipment producer, an Austria-based company Siemens VAI, for detailed engineering of a new sinter facility in Yenakiyevo Steel Plant (YeMZ).

The President of Ukraine Viktor Yanukovych and President of SCM (major shareholder of Metinvest) Rinat Akhmetov took part in the signing ceremony. CEO of Metinvest Igor Syry and Vice President of Siemens VAI Christoph Aichinger signed the agreement.

Viktor Yanukovich, President of Ukraine:

"Over the past years a lot of work has been done. The plant didn't just keep operating but also saw extensive modernisation and rapid development. In recent years, the environmental issue has been a concern for us. I am very grateful to investors, and Rinat Akhmetov personally, for the investments they made to address the issue."

In Yenakiyevo Metinvest is rolling out an ambitious project to build a new sinter facility at YeMZ meeting the world's latest environmental and technological standards. Following a long and careful study Metinvest decided on Siemens VAI, a company that has been engaged in construction of the most progressive sinter facilities in the world. Metinvest already worked successfully with Siemens VAI on a string of facilities at Ilyich and Azovstal steel plants.

Christoph Aichinger, Vice President of Siemens VAI:

"I officially state that the concept of YeMZ sinter facility is the best available technology in the world. It is the latest and soon will be the benchmark both for Ukraine and for the CIS countries in terms of quality of sinter, output and environment protection."

The agreement with Siemens VAI was the final stage of preparation for construction of a new sinter facility at YeMZ. Initially, the project was estimated at US\\$250 million, yet during the preparation stage Metinvest decided to invest US\\$110 million more in a modern and reliable gas purification system.

Since the launch Metinvest has invested around US\\$18.6 million in the initiative. The opinion of the national environmental authority and a construction permit are to be obtained on the next stages. The construction works will start in Q2 2014 with commissioning expected in late 2016. The new facility will help YeMZ to double sinter production, reduce pollution caused by sintering process tenfold and emissions of the entire plant sevenfold.