Since 2001 through 2004 MMK has invested over USD1 billion in its capital construction projects, with ¾ of the amount financed by the Company's own cash flow, and the rest, by borrowed funds.
   In 2001 MMK's Board of Directors approved the Company's Investment Programme for the period of 2001 through 2010. The first stage of the programme (2001 – 2004) provided for the creation of a state-of-the-art complex for flat products, including a BOF division with continuous casters, a 2000 mm hot strip mill, a modernized cold mill with a new reversing tandem mill commissioned in 2002, a continuous hot dip galvanizing line, also started up in 2002, and a colour coating line (2004). Besides, the programme's first stage also included the inception of a new complex for long products comprising an electric arc furnace (EAF) division to replace the obsolete open hearth furnace shop, and new long products mills instead of the old ones.
    Today it is clear that the targets of the first stage have been met. During 2001-2004 the new flat products complex has been set up, with its 2004 production amounting to 10.135 million tons. Work is in full swing on the new long products mills and the EAF division. The current market situation related to over-production and growth of domestic prices for raw materials, has prompted the Company's management to shift priorities to ensuring quality, broadening the product mix and reducing costs, primarily in the initial production stages (sinter plants, coke ovens, blast furnaces and steel smelting).
    Based on this situation and the chosen priorities the MMK Board of Directors, at its February, 2005, meeting, reviewed the Company's long-term investment programme for the period of 2004 through 2013 drafted in accordance with the MMK Strategic Development Plan. The programme is intended to be implemented in three main stages: 2004 – 2006, 2007 – 2010 and 2011-2013. The principal objectives of the programme will be raising MMK's competitiveness on the markets of steel and coated products, modernization and upgrading of the existing equipment, new projects aimed at raising productivity and improving product quality, reducing production costs, developing the Company's own power generation facilities and lowering the production power consumption, improving the Company's environmental safety standards, solution of social issues and further development of the Company's social facilities.