Steel giant Severstal reports 21% drop in steel output in Q1

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Apr 2009

Russian steelmaking giant Severstal said on Wednesday its crude steel output had declined 21%, year-on-year, in January-March to 3.8 million metric tons. The production of rolled products declined 18% in the reporting period to 2.9 million metric tons, output of cast iron fell 20% to 2.6
million metric tons and coal 32% to 2.6 million metric tons, Severstal said.
Severstal earlier announced that its net profit under International Financial Reporting Standards increased 9.9% in 2008 year-on-year to $2.03 billion.
Severstal accounts for over 16% of Russian steel output and has production facilities in Russia, the United States, Italy, France, Britain, and Ukraine.

Source: RIA Novosti