The largest steel companies in Russia are increasing production
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The largest Russian steelmaking companies are restoring production after its decline due to sanctions pressure in 2022. Severstal increased output in the first nine months of 2023 by 5% year-on-year to 8.35 million tons, the company reported on October 23. MMK Group last week reported an increase in steel production in Russia (that is, excluding the plant in Turkey) over the same period by 19.5% to 9.61 million tons.
In the second quarter, Severstal increased steel production by 2% compared to the same period last year to 2.7 million tons. At the same time, compared to the previous quarter, the figure decreased by 9%. MMK’s production in the second quarter increased by 23% to 3.35 million tons. But compared to the level of the previous quarter, a decrease was also noted – by 3%.
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