Severstal Projects Approved to Receive Financing under Kyoto Protocol
04/10/2012 - The Ministry of Economic Development has approved several of ОАО Severstal’s environmental projects to receive financing under the Kyoto Protocol.
ОАО Severstal announces that the Ministry of Economic Development has approved several of the company’s environmental projects to receive financing under the Kyoto Protocol.
The qualifying projects, two large-scale equipment renovation projects, have enabled the company to cut greenhouse gas emissions by 4.7 million tons from 2008 through 2012.
One of those, dubbed Construction of Shaft Furnace № 2 at the Cherepovets Steel Mill, entailed construction of a steelmaking furnace and a ladle furnace in the Cherepovets Steel Mill’s electric steelmaking shop. The shop’s slab line was also upgraded.
The other project, called Increasing Energy Efficiency through Modernization of Steel Production, involved upgrading of coke-oven battery №3 and blast furnace №4 at the Cherepovets Steel Mill.
“The environmental effect of these projects will enable Severstal to receive financing under the Kyoto Protocol,” commented Andrei Lutsenko, chief engineer of the Severstal Russian Steel Division. “The company will channel the funds toward the implementation of other environmental programs.”
ОАО Severstal is one of the world’s leading vertically integrated steel and steel related mining companies, with assets in Russia and the USA, in Ukraine, Latvia, Poland, Italy, Liberia and Brazil. In 2010, Severstal reported revenue of $13,573 million, EBITDA of $3,263 million, and crude steel production of 14.7 million tonnes.
