Alexey Mordashov, chairman of Russian steelmaker Severstal, stated during the recent Ecology Day in Moscow that the company is ahead of its schedule to reduce carbon emissions by 20 percent at its Cherepovets plant from the level of 2017, within the scope of the federal “Clean Air” project.
Mr. Mordashov emphasized that Severstal has already cut emissions by 16 percent and plans to reduce them more. “Today we have already reached 16 percent reduction and we very much expect that by the end of 2024 - not 2025 - we will show results that will allow us to be the first to fulfill the project goals a little ahead of schedule,” the Severstal chairman stated. The company has allocated about RUB 47 billion ($526.17 million) for the decarbonization efforts, of which RUB 20 billion ($223.90 million) has already been spent. Severstal CEO Alexander Shevelev shared earlier that the company spent RUB 13 billion ($145.54 million) in 2023 for decarbonization efforts and that about RUB 139 billion ($1.56 billion) will be invested as part of its new strategy.
Severstal announced last year that it will invest about RUB 97 billion ($1.09 billion) to build an iron ore pellet complex at Cherepovets with a production capacity of 10 million mt per year in order to reduce carbon emissions by 10 percent in 2030 from the level of 2020, as SteelOrbis reported previously.