Severstal PJSC to lift steel output
2021-03-12 10:21:46 [Print]
Russia's Severstal PJSC plans its first big steel production ramp-up in seven years as prices climb to the highest in about a decade.
The steelmaker plans to boost output by 15% to 13 million tons in 2023, according to an investor presentation on Thursday. Higher production will also help Severstal meet its target of increasing earnings before interest, taxes, depreciation and amortization, said Chief Executive Officer Alexander Shevelev. "We see high demand in our key markets, including Europe, and especially for slabs, so increasing production makes sense."
The higher output could help Severstal almost draw level Russia's No. 2 steelmaker Evraz Plc. Severstal will boost production by optimizing the efficiency of existing facilities and with a minimum of spending, Shevelev said. It will restart one of the company's electric furnaces and boost output from the Yakovlevsky iron ore mine to 5 million tons per year.
The steelmaker plans to boost output by 15% to 13 million tons in 2023, according to an investor presentation on Thursday. Higher production will also help Severstal meet its target of increasing earnings before interest, taxes, depreciation and amortization, said Chief Executive Officer Alexander Shevelev. "We see high demand in our key markets, including Europe, and especially for slabs, so increasing production makes sense."
The higher output could help Severstal almost draw level Russia's No. 2 steelmaker Evraz Plc. Severstal will boost production by optimizing the efficiency of existing facilities and with a minimum of spending, Shevelev said. It will restart one of the company's electric furnaces and boost output from the Yakovlevsky iron ore mine to 5 million tons per year.
