MOSCOW, February 2. /TASS/. Severstal boosted steel output by 5% in 2023 compared with the previous year to 11.27 mln tons, while the production of pig iron rose by 3% to 11.3 mln tons, the steel and mining company reported.

Steel sales slipped by 2% in the reporting period to 10.73 mln tons.

Sales of finished products added 5% in annual terms of 9.79 mln tons, while sales of commercial steel (hot-rolled and long steel) fell by 2% to 4.52 mln tons.

The share of high-value added products in the company’s total sales amounted to 49%.

Severstal is a vertically integrated steel and mining company and one of Russia’s largest steel producers. The Cherepovets Steel Mill is the company’s key asset. Its production capacity roughly totals 12 mln metric tons of steel per year.