Severstal reduces steel output 4% to 2.85 mln tonnes in Q2
MOSCOW. July 15 (Interfax) - Severstal reduced steel production 4% to 2.85 million tonnes in the second quarter of 2015, the company said in a press release.
Production in the first half rose 5% to 5.8 million tonnes.
"Consolidated sales of steel products increased 4% quarter-on-quarter partially due to seasonal increase in demand, despite anticipated weaker steel consumption domestically," the press release says.
Severstal's proximity to export markets gave it the flexibility to allocate additional volumes for export, the steelmaker said.
Although the pricing environment on the global markets remains challenging, Severstal's average dollar-denominated selling prices for steel products improved quarter-on-quarter owing to ruble appreciation.
"Specifically, after catching up with the USD-nominated parity, domestic prices reached an unusual premium vs. export prices. We would expect a gradual normalization of this premium later in the year," Severstal said.