Ukrainian-Swiss owned steelworks Dunaferr Zrt has completed the reconstruction of one its two smelters at a total cost of €10 million, CEO Valery Naumenko told reporters on Monday.
The smelter's upgrading was carried out in 48 days by the Russian construction firm Uraldomnaremont, which contracted several Hungarian firms to implement 40% of the work, CEO Alexander Pticin said. A ceremony on handing over the renewed smelter was attended by Ukrainian Ambassador to Hungary Dmytro Tkach and Sergey Taruta, chairman of the board of Donbass, Dunaferr’s Ukrainian owner.
The Donbass-Duferco consortium, which purchased Dunaferr in 2004, said it intends to invest more than €272 million at the plant during the five years following the sale. Dunaferr will continue to turn out 1.3 million tons of crude iron annually even after the upgrading, Naumenko said, and added that plans for the next 3-4 years envisaged installation of an advanced technology in the smelters from 2007 and doubling the current annual steel production.