Russian steelmaker Severstal plans to return to steel production volumes seen in 2021, before the Russian invasion of Ukraine and resulting sanctions against Moscow.

The company’s goal is to produce 11.5 million tonnes by the end of this year, Severstal head of investor relations Nikita Klimantov said during a Tinkoff Investments podcast last week.

According to the head of communications and investor relations, Vladimir Zaluzhsky, the company’s production in 2022 decreased in the wake of economic instability. “However, according to the operating results of the first half of 2023, the company increased steel production and sales. We are moving in this direction to just compensate for this drop. Over the course of the year, we will probably just reach the level that we saw before the fall,”
Zaluzhsky said.

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