Ukraine's steel barons are pushing ahead with costly upgrades aimed at reducing their dependence on increasingly expensive natural gas imports from Russia and central Asia.

Interpipe, one of Ukraine's largest industrial holding companies, which is controlled by the Ukrainian billionaire Viktor Pinchuk, yesterday unveiled plans to pump $610m (€470m, £310m) into the construction of an energy-efficient steel mill. Italy's Danieli, a leading supplier of equipment and technology, has been hired to build the mill.