4 Dec 2009 20:02

Severstal returning to development mode, upping exports

MOSCOW. Dec 4 (Interfax) - Severstal is returning to "development mode" and is ramping up exports, Alexei Mordashov, the Russian steel major's chief, said at a meeting with Prime Minister Vladimir Putin.

"The markets are recovering - of course not to the same levels as before, but they are recovering. And in general we can look forward more confidently and say we're returning more and more to development mode rather than survival mode," Mordashov said.

"Demand is definitely on the up," he said. The company is making itself more competitive with restructuring and optimization. "We're becoming capable of winning a greater market share. Our exports are growing. We're getting there slowly, but we're on the up," he said.

Severstal has assets in Russia, North America, Europe, Ukraine and Kazakhstan. The general director, Alexei Mordashov, owns more than 82% of the company. The free-float is around 18%.