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. Last Updated: 07/27/2016

Metalloinvest Output Down

Metalloinvest, a steel and mining firm majority owned by billionaire Alisher Usmanov, produced 1.1 percent less steel in the first half of 2007 than a year ago due to ongoing upgrades, the company said Tuesday.

Crude steel output at the company's two mills, Urals Steel and Oskol Electrometallurgical, was a combined 3.09 million tons in the first half compared with 3.12 million in the first six months of 2006, Metalloinvest said in a statement.

Output of rolled products also fell 1.1 percent in the same comparison to 2.38 million tons from 2.4 million.

Metalloinvest, the country's largest iron ore producer, posted a year-on-year increase in first-half output of the raw material from its two mining operations, Lebedinsky GOK and Mikhailovsky GOK.

Iron concentrate output was a combined 19.05 million tons, up 1.1 percent on 18.84 million in the same period a year ago, and pellet output fell by 0.4 percent to 9.67 million tons from 9.71 million.

Output of hot briquetted iron, used to make steel, was 490,540 tons in the first half, down 4.3 percent from 512,540 tons from January to June 2006.

Metalloinvest plans this year to double hot briquetted iron output and begin a further expansion of its two mines.

The company has said that it is considering a share listing in the next few years.