Murmansk steel manufacturer boosts profits
The Olkon company, a subsidiary of Russian steel major Severstal, the first quarter of 2008 boosted net profits with 45,5 percent.
The company located in Olenegorst in the Kola Peninsula in the period January-March this year had a net profit of 805 million RUB, which is up 45,5 percent year-on-year. A report from the company shows that Olkon increased production of iron ore concentrate by 3.7% in the first quarter to 1.15 million tonnes and production of crude iron ore by 11% to 3.81 million tonnes. Olkon plans to boost iron ore concentrate production 11.9 percent to 5 million tons per year by 2011 by commissioning new capacity. The company plans to commission stage two of the Olenegorsk mine, the 15-letiya Oktyabrya Mine (possibly 2009), the Kirovogorod Mine (possibly 2011) and Komsomolsk mine (2021). Deep mines will produce 14 million tonnes of ore per year in time, Interfax reports.
