Poltavsky GOK To Build Steel Smelter.
21 October 2008
PGOK (PGOK: BUY) is planning to invest Euro 1-1.25 bln to construct an electric arc furnace with an annual capacity of 3 bln mt of steel. Construction will be finished by 2009. Concorde Capital: The plant will be the first in Ukraine to utilize DRI/HBI technology allowing the plant to substitute scrap for materials rich in Fe-content that can be directly processed from iron ore. Not withstanding PGOK claims that it will still remain a net exporter of iron ore, as the company is increasing its mining capacities. By the time the plant becomes operational PGOK plans to produce ~12 mln mt of pellets, half of which will be exported.
