YEKATERINBURG — Russia's VSMPO-Avisma, the world's largest titanium producer, plans to increase its capacity by one-third by 2020 from the current 30,000 tons per year, Mikhail Voevodin, the firm's chief executive, said.
VSMPO, which is partially owned by Russian state defense conglomerate Rostec, supplies its titanium products mainly to the aerospace industry. Airbus and Boeing are its largest customers.
VSMPO plans to produce between 28,800 and 29,000 tons of titanium products this year, down from 29,264 tons in 2014, Voevodin told Reuters.
According to the CEO, the company's revenue may, however, rise by 23 percent to 67.6 billion rubles ($1.1 billion) thanks to selling more products with added value.
Next year, the company's production will total between 30,000 and 31,000 tons thanks to new capacity and will reach 40,000 by 2020, he added.