Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Russian mining and steel company Severstal plans to gradually increase steel production by 15pc to 13mn mt in 2023.


Alexander Shevelev, Severstal’s chief executive officer, stated in the company’s 2020 earnings report on Thursday that higher production will also help the company meet its EBITDA target of $2.1bn for 2023. The company has forecasted high demand, particularly for steel slabs, in key markets, including Europe.


Domestic demand for steel in Russia fell by 2.5pc in line with 2020 GDP. The demand for Severstal’s products dropped by 2pc in the same period. The company expects demand to recover by 3pc in 2021 and steel consumption to grow at an annual growth rate of 2.6pc by 2023. Improved economic activity in construction, recovery of oil and gas production are likely to drive demand.

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