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The exact amount of investment in the project is currently unknown

An initial investment of around $7 million will be channelled into engineering research

The plant is scheduled to come on stream in 2030

Once the second phase has been completed, the plant will be able to produce up to 2 million tonnes of rolled steel per year

The company plans to diversify beyond its core steelmaking business

The total area of the development, which is planned to be built over the next 10 years, will be over 60,000 square metres

The cost of expanding the existing plant is estimated at $2 billion

The new production line is scheduled to reach full capacity in the second quarter of 2029

The company’s investments last year totalled 1.5 billion Czech koruna

The company is currently stepping up the volume of construction work in Boden

The projects are scheduled to be completed in the second half of next year

The company is expected to achieve savings of 22 per cent on natural gas and up to 35 per cent on electricity per year