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Severstal posts 8% decrease in steel output to 10.38 mln tons for 2024

Steel sales edged up by 1% in the reporting period to 10.85 mln tons

MOSCOW, February 3. /TASS/. Steel output by Severstal fell by 8% in 2024 compared with the previous year to 10.38 mln tons, while the production of pig iron decreased by 11% to 10.03 mln tons, the steel and mining company reported.

Steel sales edged up by 1% in the reporting period to 10.85 mln tons.

Sales of commercial steel (hot-rolled and long steel) added 5% to 4.76 mln tons, while sales of high-value added products rose by 7% to 5.62 mln tons. The share of high-value added products in the company’s total sales grew to 52%.

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 tons of steel per year. Alexey Mordashov who holds around 77.03% of shares, is the main shareholder of Severstal.

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