MK Azovstal' : Metinvest will put over UAH 7 billion of investments into development of Kryviy Rih iron ore enrichment works

[Attachment]In 2017, Metinvest Group will invest UAH 7.4 billion into the development of Ingulets, Central and Northern Iron Ore Enrichment Works (GOKs). This is four times as much compared to the previous year.

Sizeable investments into GOKs is a proof of the Group's commitment to gradually ramp up its output, improve the quality of products, reduce the cost of production and create a comfortable work environment for its employees. Revamp of process equipment, major overhauls of facilities and construction of strategically crucial installations will allow strengthening the position in the iron ore market and shaping the main streams for development.

Namely, about UAH 2 billion will be invested to renew heavy dump trucks and open pit mine equipment at the mining and beneficiation plants in Kryviy Rih.

Investments into the revamp, major overhauls of buildings, facilities and main process equipment will amount to over UAH 2.5 billion.

GOKs will also continue to expand their tailing facilities. UAH 0.5 billion will be allocated to address these needs.

In order to deliver the investment program, Metinvest's GOKs will use, among other things, their dividends generated in 2014-2015. Resolutions on the payment of dividends were adopted by general shareholders' meetings of Central GOK, Ingulets GOK and Northern GOK in December-January.