Russian steelmaker Severstal has plans to revamp its blast furnace No. 4 at its Cherepovets plant and increase its pig iron output, according to a report by Russian news agency Interfax.
Speaking to local television network Cherepovets' Channel 12, Severstal CEO Alexander Shevelev has stated that steel consumption in Russia in 2024 fell by 5.7 percent to 43.7 million mt. Steelmakers’ production capacities, on the other hand, stand at over 70 million mt, leading Severstal to look for new opportunities for their customers. Severstal CEO has also stated that the company’s investment program last year grew by 60.0 percent year on year, while a downward correction in investments is expected amid high interest rates and weaker steel demand in 2025 compared to 2024.
Shevelev also stated the company’s intention to build a pellet production complex worth RUB 116 billion ($ 1.18 billion).