OAO Severstal plans to invest USD 2 billion to optimize operating efficiency, revamp its operational facilities and ensure that the company continues to maintain industry-leading health and safety standards. The company will invest USD 650 million, a 53% increase from 2010, to modernize the production equipment across the division’s iron ore mills and coalmines, finish the Corkuta power station and explore the Putu iron ore deposit in Liberia. They will also develop the gold mining assets and a coalmine at PBS Coals. USD 465 million will be invested in Severstal North America; this will go towards the construction and commission of new equipment.