Severstal announced Russian metal consumption market results

Severstal summarized the first quarter's metal consumption market data in the Russian Federation. 2023 The market capacity for rolled metal products in the Russian Federation in the first quarter of 2023 decreased by 3% from the first quarter of 2022, but it grew strongly in comparison to the fourth quarter of 2022 (+6%).

Mass residential construction is currently experiencing negative trends. Over the past few years, the proportion of unsold housing in construction volumes has increased to a historical maximum, concurrently with a decline in the volume of loans issued. In the retail and office real estate segment, stagnation and an increase in the share of vacant space are seen. The demand for individual residential construction, including with the support of specialized mortgage banking programs, and state support for the implementation of infrastructure projects continue to be the main drivers of metal consumption in the construction industry.