OAO Metalloinvest Holding, the owner of the world’s second-biggest iron ore reserves, said that prices will stay at about $70 a ton through 2023 amid a glut and slowing China steel demand.

“The return to $130 per ton, which we had at the start of 2014, looks unbelievable now,” Chief Executive Officer Andrey Varichev told reporters Tuesday in Moscow.

Iron-ore concentrate fell below $50 a ton this year as the biggest producers, including Rio Tinto Group, expanded low-cost output in a bet that higher volumes would offset lower prices.

As prices languish, Metalloinvest is shifting its focus to producing high value-added iron-ore products such as hot-briquetted iron and direct-reduced iron. These offer better margins and less volatile prices, according to a strategy presentation by Russia’s largest producer of the commodity, which plans to invest as much as $5.8 billion through 2023.

The spending will help spur a 45 percent increase in output of hot-briquetted iron and direct-reduced iron in the period, compared with a 29 percent expansion in iron-ore concentrate, according to the presentation. The processed products sold for more than $350 a ton last year.

The investment program should help to keep earnings before interest, taxes, depreciation and amortization margin at 30 percent or better through 2023, Varichev said.

Metalloinvest had about $4.7 billion of debt at the end of 2014, with about $1.3 billion maturing in 2016. The company is working to reach an agreement in the next several months on refinancing some of the debt due in 2016, Chief Financial Officer Pavel Mitrofanov said. The Eurobond market is showing signs that it may revive soon, too, he said.