Evraz North America is building a new $450mn long steel rail mill near its plant in Pueblo, Colorado.
The development of this project has been in the works since October 2018 and has now moved into the final construction phase.
The company indicated it has shifted its initiatives and development projects due to the failing conditions in the Russian and US steel markets because of the COVID-19 pandemic.
The steelmaker said that its goal, heading into the second half, will be to maintain production levels at full capacity and increase its sales volumes in Russia. The company will also focus on new developments while maintaining a selective method for capex.
The steel manufacturer operates in Russia, the US, and Canada, producing about 11mn mt of steel products per year. EVRAZ’s North American operations are headquartered in Chicago and its Pueblo facility is a rail producer, encompassing about 45pc of rail tracks across the continent.