Russia’s Severstal increases steel output in 2023, sales fall

Monday, 05 February 2024 12:22:08 (GMT+3)   |   Istanbul

Russian steelmaker Severstal has announced its financial and operational results for 2023. In the full year, the company’s sales revenues amounted to RUB 728.31 billion ($7.96 billion), increasing by 6.7 percent year on year, while its EBITDA rose by 22.3 percent year on year to RUB 262.23 billion ($2.86 billion).

In 2023, the company’s crude steel output totaled 11.27 million mt, up by 5.4 percent, while its pig iron production in the given period totaled 11.3 million mt, rising by three percent, both year on year. In the given year, Severstal’s steel sales totaled 10.73 million mt, declining by 1.7 percent compared to 2022, while its sales of semi-finished products fell by 39.6 percent year on year to 947,000 mt.

“Despite the difficult economic situation and the challenges we faced in 2022, by the end of 2023, by focusing on the domestic market, we were able to achieve significant success,” Alexander Shevelev, CEO of Severstal, stated.

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