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Head of Severstal explains North American assets sale

January 19, 2015, 17:17 UTC+3 NOVO-OGARYOVO
In 2014, Severstal increased production by 2%, and invested $492.3 million (32 billion rubles) into own production, CEO Alexey Mordashov said
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Severstal CEO Alexey Mordashov

Severstal CEO Alexey Mordashov

© Alexei Nikolsky/Russian presidential press service/TASS

NOVO-OGAREVO (Moscow Region), January 19. /TASS/. The future of Severstal, Russia’s biggest steel producer, is tied to Russia, CEO Alexey Mordashov said on Monday during a meeting with President Vladimir Putin.

In 2014, Severstal increased production by 2%, and invested $492.3 million (32 billion rubles) into own production, Mordashov said. “All in all, we achieved rather decent figures, I can say, the world’s leading figures on such important indicators as output profitability, net debt level,” he added.

Mordashov also explained to the president why Severstal had got rid of its North American division and focused on the Russian assets. “We worked much abroad, but we came to the conclusion that in the first place our future is tied to Russia, to the Russian market, and our local production is the most effective,” CEO said, adding that this decision made the company’s operations more cost-efficient.

In September 2014, Russia-based Severstal finalized the sale of its two steel mills it operated in North America - Severstal Columbus and Severstal Dearborn, and the US-based coaking coal producer PBS. The company sold its another three American plants in 2011.

Severstal plants will continue operating in Russia, as well as in Ukraine, Latvia, Poland, Italy, Liberia and Brazil. Severstal is Russia’s second-biggest steel producer after Evraz.

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