Magnitogorsk Iron & Steel Works completes a ₽45 billion converter upgrade, equivalent to around $493 million USD, at its flagship Russian steel complex. The project modernises the oxygen converter steelmaking facility to improve steel cleanliness, composition control, and energy efficiency. Advanced automation and ladle metallurgy upgrades enable production of higher-grade automotive and flat-rolled steel. The investment is one of Russia's largest steelmaking quality projects in the current decade, reinforcing the company's domestic market position.