Severstal is approved to receive financing under Kyoto Protocol
ОАО Severstal (“Severstal” or the “Company”) (LSE: SVST;
MICEX-RTS: CHMF), one of the world’s leading vertically integrated steel
and steel related mining companies, announces that its environmental projects
that enabled the company to cut greenhouse gas emissions by 4.7 million tons in
2008 through 2012 have been approved by the Ministry of Economic Development to
receive financing under the Kyoto Protocol.
This refers to two large-scale equipment renovation projects
that have made it possible to relieve the environmental impact.
One of those is dubbed Construction of Shaft Furnace № 2 at
the Cherepovets Steel Mill.
Apart from upgrading the slab line, a steel-making furnace
and a ladle furnace were built under this project in the electric steel-making
shop of the Cherepovets Steel Mill.
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.
Andrei Lutsenko, chief engineer of the Severstal Russian
Steel Division commented: “The environmental effect of these projects will
enable Severstal to receive financing under the Kyoto Protocol. The Company
will channel the funds toward the implementation of other environmental