Severstal's Q1 steel output down 6% on year

摘要

London—Russian mining and steel company Severstal’s steel production of 2.85 million mt in the first quarter was up 5% from the previous quarter but 6% lower year-on-year, while the tonnage converted into high value added products declined 3% on the quarter largely due to repairs. The quarter-on-quarter growth was due to an increased number of melts at Severstal’s Cherepovets Iron and Steel Works in Q1 2020 and maintenance works at its steelmaking facilities in Q4 2019. In January-March, Severstal sold 2.75 million mt of steel products, up by 4% or 100,000 mt from the previous quarter but down 3% year on year.