No budgetary funds to be invested in ArcelorMittal Temirtau – Smailov

No budgetary funds will be invested  in ArcelorMittal Temirtau company after its transfer to the state. This is what Prime Minister Alikhan Smailov said after a plenary session of the lower chamber of the Kazakh Parliament on Wednesday, Kazinform News Agency reports.

We have no plan to be the owner [of the company - edit] or to invest budgetary funds in it. Our plan is to attract a private investor, and this investor will have to inject at least 3 billion US dollars [in the company - edit] in the nearest three years, said Alikhan Smailov to mass media, adding that some of these funds need to be invested immediately.

Moreover, the investor will have to inject at least 1.3 billion dollars immediately. The situation at the enterprise requires immediate resolution of the issues related to industrial safety, labor safety, equipment modernization and production expansion, he noted.

The Prime Minister also said that the transfer of ArcelorMittal Temirtau to the state will be completed within a month.

As per a preliminary agreement, we must complete all legal procedures until November 30, after which all information will be available, he noted.