It is reported that Russia's major steel manufacturer, Ashinskiy Metallurgical Works has announced that the company will delay its starting up for the new electric furnace.

The main reason is because the company could not acquire the enough loans to complete the modernizing plan of its new electric furnace's equipment system,

Ashinskiy expected to run for official production until 2010. The total equipment system's value amount of this new electric furnace project will be about EUR 100 million.

(Sourced from YIEH.Corp)