OREANDA-NEWS  On 01 November was announced, that Enerhomashspetsstal (ENMA), an enterprise in Donetsk region, is planning to invest UAH 872.204 million in production upgrade during the 2009-2011 period.

Of the total sum, UAH 550.049 million will be invested in 2009, UAH 311.703 million in 2010, and UAH 10.451 million in 2011.

The company invested UAH 450.815 million in modernization from 2005 to 2007, and announced a plan to invest UAH 542.012 million in 2008 (UAH 257.186 million has been already invested by of October 1).

48% of the 2009-2011 investments will be financed from Enerhomashspetsstal's own resources and 52% of the sum will be borrowed.

During the production upgrade, the enterprise will reconstruct its arc-furnace shop (including by way of introducing a new arc furnace), ladle system, steel-making shop, thermal facilities and charge makeup area.

Enerhomashspetsstal also plans to reconstruct and upgrade the crane and metal-cutting equipment.

After modernization, the company is expected to reach its projected capacity utilization rate (2013) and receive an income of UAH 8.322 billion annually. The upgrade will help Enerhomashspetsstal improve product quality and broaden the product range, set up the process of casting large ingots of up to 420 tons on a new secondary refining complex, and bring annual steel production to 500,000 tons.

The Ministry of Industrial Policy invites American businessmen to invest into development of Enerhomashspetsstal. Enerhomashspetsstal ended 2007 with net profits of UAH 10.183 million, its net revenue increased by 51.83% or UAH 179.77 million, compared to 2006, to UAH 526.62 million.

Enerhomashspetsstal produces special cast and forged billets for heavy engineering, power engineering, metallurgical, cement, mining, and other industries.

A 24.9% stake in the plant is held by Bondline Limited (Cyprus), 9.9% by the Donetsk-based Vis-a-Vis company, 17% by Loofray Investment Limited (Belize), and 24% by Ganado Trade Inc (Saint Kitts and Nevis).